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Goldman to Resume Job Cuts as Banks Abandon Covid Moratorium

  • Reductions may affect about 1% of staff, or roughly 400 people
  • JPMorgan also joining Citigroup, Wells Fargo in cutting jobs
Updated on

Goldman Sachs Group Inc. is resuming job cuts as the coronavirus pandemic outlasts the financial industry’s resolve to offer jittery employees stability through the economic downturn.

The firm is embarking on a plan to eliminate about 1% of its workforce, or roughly 400 positions, according to people with knowledge of the matter, who asked not to be identified as the information isn’t public. The move comes even as the firm’s core trading and dealmaking businesses are booming.