US-based financial services group Goldman Sachs is preparing for a new round of layoff in the coming weeks, Bloomberg reported citing CEO David Solomon.

The Wall Street giant’s chief revealed the plan in his year-end message to staff stating that the redundancies are aimed at helping the bank deal with the economic turmoil. 

“We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January,” Solomon was quoted by the publication as saying.

“There are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity. For our leadership team, the focus is on preparing the firm to weather these headwinds.”

Earlier this month, sources aware of the development said that the lender could slash 8% or 4,000 of its workforce in a bid to contain the fall in revenue and profits. 

The lender has asked the top managers to identify potential areas to cut costs, although a final number is yet to be decided, they said. 

Goldman representative declined to comment on the development. 

“We need to proceed with caution and manage our resources wisely,” the CEO said in his message.

Currently, the bank employs around 49,000 people across the globe. 

The lender’s foray and subsequent retreat from consumer banking besides the investment in technology and integrating operations have contributed to its losses this year.