(Reuters) – Goldman Sachs Group Inc (N:) is embarking on a plan to cut about 400 jobs, or about 1% of its workforce, Bloomberg News reported on Wednesday, citing people familiar with the matter.
Many of the cuts in the current round are tied to back-office roles that had been folded into bigger money-making divisions as part of an earlier reorganization, according to the report Goldman Sachs’ annual cull has long set it apart from Wall Street rivals, which tend to make mass layoffs periodically.
Goldman Sachs did not immediately respond to a Reuters request for comment.
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