Goldman Sachs Group Inc. GS is gearing up to eliminate about 3,200 positions this week, Bloomberg reported, citing a person with knowledge of the matter.
The investment bank will reportedly zero in on its core trading and banking units for most of the job cuts.
Goldman Sachs didn’t immediately respond to Benzinga’s request for comment.
A Semafor report in December said the bank was planning to lay off 4,000 workers as it struggles to meet profitability targets in a difficult economic environment.
Goldman’s headcount was more than 49,000 as of Sept. 30 — a 34% jump since the end of 2018, as per the report.
The bank has said that it expects global mergers & acquisition deals to pick up steam in the second half of this year.
The last time Goldman planned a layoff of this scale came after the collapse of Lehman Brothers in 2008, as per Bloomberg.
