Reuters reveals Goldman Sachs financial targets jeopardized as pandemic slows revamp

Reuters reported exclusively that Goldman Sachs Group Inc management is considering whether to scale back financial targets set earlier this year, as the coronavirus pandemic has hindered the bank’s business model revamp. Goldman unveiled plans to boost returns on equity and cut costs during its first-ever investor day in January. Since then, the pandemic has slammed into the economy, crippling loan demand and causing widespread unemployment. It has also prevented Goldman bankers from drumming up business with new customers the way they could before coronavirus lockdowns.