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Goldman Sachs plans to lay off about 3,200 employees this week—one of its biggest rounds of job cuts ever.

According to a Bloomberg report, the Wall Street bank is expected to start the layoff process mid-week, and the overall number of employees affected will be limited to 3,200. The figure is lower than earlier proposals in management ranks that may have eliminated nearly 4,000 jobs, it added.

Over one-third of the people it will layoff will probably be from within its core trading and banking units, the report said, adding that the job cuts are increased by the inclusion of the non-front-office roles that the investment bank added to divisional headcount in recent times. 

YourStory could not independently verify the report. Goldman Sachs did not respond to the queries sent by YourStory at the time of publication.

Goldman Sachs’ headcount, under Chief Executive Officer David Solomon, has increased 34% following the end of 2018, rising to over 49,000 as of September 30, the media report stated.

The US-based bank is also about to disclose financials tied to a new unit that houses its credit card and instalment-lending business, which will record more than $2 billion in pre-tax losses, the report noted.

The last significant exercise of a workforce reduction of this proportion happened after the collapse of Lehman Brothers in 2008. Goldman Sachs had decided to cut over 3,000 jobs or nearly 10% of its workforce at the time.

The bank, however, still has plans to continue hiring, including inducting the regular analyst class before the end of the year, the report said.