Goldman Sachs Group Inc GS.N is preparing for a second round of job cuts, three months after it began eliminating around 400 positions, people familiar with the matter told Reuters on Tuesday.

The bank had announced here "a modest number of layoffs" in September after pausing job cuts earlier this year due to the COVID-19 pandemic.

Goldman is looking for ways to cut costs to achieve a target of reducing operating expenses by $1.3 billion over the next three years, which it announced in January as part of a broader strategic revamp.

The latest round of job cuts is not expected to exceed the roughly 400 positions the bank began eliminating in September, Bloomberg News reported earlier on Tuesday.

Goldman executives expect to go deeper in the coming year, which could eventually lead to one of the most significant staff reductions at the bank, according to the report.

In an email to Reuters, Goldman reiterated its statement from earlier this year, saying it “has made a decision to move forward with a modest number of layoffs.”

It was not clear if there would be further job cuts next year, sources told Reuters.

Goldman is also looking to reduce costs by locating more staff in less expensive locations such as Salt Lake City, Dallas and Bengaluru, India, Chief Financial Officer Stephen Scherr said earlier this month.

Also read: Goldman Sachs to expand India footprint with Hyderabad office with 500 employees