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The biggest US banks are set to spend more than $1 billion on severance costs through the first six months of 2023, underscoring the heavy price of stemming Wall Street’s excessive expansion during the coronavirus pandemic.

Goldman Sachs on Wednesday became the latest big bank to take charge for recent job cuts, telling investors it incurred $260 million in severance costs in the first half of the year. Goldman has laid off about 3,400 employees this year, or about 7 percent of its total workforce.

On Tuesday Morgan Stanley, which has laid off nearly 3,000 employees this year, said it has spent more than $300 million on staff reductions.

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