Yes there is:

(setq list (butlast list))

That is a function from subr.el. (Loaded by default. No need to load anything.)

You can also cut a tail with N elements by

(setq list (butlast list N))

Yes there is:

(setq list (butlast list))

That is a function from subr.el. (Loaded by default. No need to load anything.)

You can also cut a tail with N elements by

(setq list (butlast list N))

A word about phils' comment:

If it's safe to modify the original list structure, then nbutlast will be slightly more efficient (n.b. you still need to assign the result back to the variable).

The comment is right and useful but it has to be considered very cautious.

For an exmple the application of nbutlast is safe if the following three conditions are fulfilled:

• if you are in a pure function (you have local non-leaking bindings)
• you generate the list from its elements within the function
• you want to split off the last element at the end of the function (i.e. in the last evaluated form before exiting the function)

Be aware that nbutlast modifies the argument list in the calls of the following functions!

(defun queue (el list)
 "Prepend el and remove last element."
 (nbutlast (cons el list)))

(defun foo (head list)
 "Prepend head and remove last element."
 (nbutlast (append head list)))

(setq list (list 2 3 4))

(queue 1 list)

list ;; -> (2 3)

(foo '(1) list)

list ;; -> (2)