Goldman Sachs has decided not to proceed with a second round of broad performance-based job cuts this year due to a stronger-than-expected recovery in investment banking, as reported by the Financial Times. The bank’s investment banking fees and client engagement have increased, supported by the continued strength in its trading division. However, the decision on job cuts may change if economic conditions shift. Earlier reports had indicated a potential staff reduction of 3% to 5% during the spring review process. Goldman’s second-quarter profit exceeded expectations, driven by record revenue in its equities division and increased dealmaking in investment banking.

Read more at Yahoo Finance: Goldman to forgo second round of job cuts as outlook improves, FT reports