Goldman Sachs Group Inc plans to begin a fresh round of job cuts as early as this week, sources familiar with the matter said on Monday, with its equities business bracing for bigger cuts than fixed-income trading.
The cuts come at the time of year in which the Wall Street bank typically gets rid of its weakest 5 percent of employees across the entire firm. But as the trading business continues to suffer from weak volumes and earnings, the losses are expected to be deeper in some businesses.
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Equities trading will likely see cuts bigger than 5 percent, while fixed-income trading, which took big hits last year and has had better volumes, will likely see cuts of less than 5 percent the sources said.
Goldman's latest round of dismissals follows the bank's layoffs of 3,300 employees, or 9 percent of its workforce, over the past two years.
(Reporting By Lauren Tara LaCapra and Katya Wachtel; Editing by Maureen Bavdek)