Goldman Sachs Group (gs) is planning to shed up to 10% of its sales and fixed income trading jobs later in the quarter, the Wall Street Journal reported on Wednesday, citing sources.
This workforce reduction, which is higher than the bank’s usual 5% annual cuts, is expected to affect not more than 250 people, the Journal said on Wednesday.
The bank, which is set to report its fourth-quarter results next week, is preparing for steeper cuts this year within its debt, currencies and commodities division, the newspaper added.
Goldman Sachs could not be reached for a comment immediately outside regular business hours.
Reuters reported in November, citing sources, that rival investment bank Morgan Stanley is also planning to cut up to 25% of its fixed income workforce.
Morgan Stanley said in December that it would take a $150 million severance charge in the fourth quarter related to a workforce reduction, covering the cost of cutting jobs of 1,200 workers worldwide, including about 470 front-office employees in its fixed-income business.