Goldman Sachs Group Inc. (NYSE:GS) intends to cut 8% of its employees, CNBC reported citing sources.

The layoffs will affect every division of one of the largest Wall Street banks and will most likely take place in January, CNBC’s sources added. At the same time, employees with low performance indicators and employees of retail business are in the risk zone first of all.

Thus, the reduction of staff may take place before the payment of bonuses, which usually occurs near the end of January, notes CNBC.

Goldman Sachs earlier this year already cut staff amid uncertainty in the global economy, causing a drop in revenue and the need to lower costs. However, then the bank fired only a few hundred employees. Now we may be talking about about 4 thousand employees.

At the end of September this year, Goldman Sachs had 49.1 thousand employees, which is 14% more than the same date in 2021.