Goldman Sachs Plans To Cut About 3,200 Jobs This Week : Report

(RTTNews) - Goldman Sachs Group Inc. (GS) plans to cut about 3,200 Jobs this week, Bloomberg reported citing a person familiar with the matter.

The company is expected to start the process mid-week. More than a third of job cuts will likely be from within its core trading and banking units, the report said.

According to the report, the firm is also poised to unveil financials tied to a new unit that houses its credit card and installment-lending business, which will record more than $2 billion in pretax losses.

The report indicated that the cuts in its investment bank are elevated by the inclusion of the non front-office roles that were added to divisional headcount in recent years. The bank still has plans to continue hiring, including inducting the regular analyst class later this year.