Goldman Sachs is gearing up to make some job cuts this year.
The investment bank amended an earlier notice filed with the New York State labor department, expanding its planned job cuts from 43 to 109, according to the documents obtained by Bloomberg. The updated filing also extended the timeframe for the job cuts, which will not happen between May 9 and December 31 this year. Previously, they were slated to happen by July 1.
It’s unclear what types of roles will be cut, but both documents say the jobs will be eliminated for “economic” reasons, according to the report.
Goldman Sachs (GS) isn’t the only bank to slim down its ranks amid tighter regulations and decreasing profits. Earlier this month, Bloomberg reported that Goldman and Bank of America (BAC) are planning deep cuts in their fixed-income business. Usually, Goldman cuts about 5% of its totally staff every year to accommodate for new hires.