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Goldman Sachs will lay off up to 8% of its staff — and could take place down as soon as January, a person familiar with the matter told Insider.

There's still no information yet on the total number of jobs to be cut, as discussions are ongoing, according to the person.

The layoffs at Goldman were previously reported by Semafor, which reported that some 4,000 employees could be laid off, marking more potential losses than at other banking firms. Goldman's headcount was 49,100 as of September.

The move by the investment banking behemoth is the latest sign of mayhem in Wall Street after a historic increase in deal activity last year gave way to a downturn in 2022 amid problematic supply chain issues and inflation. Goldman Sachs has also been damaged by losses to its burgeoning consumer banking division.

Goldman has grappled with criticisms of its consumer banking business, resulting in a restructuring earlier this year that signaled a big retreat of its ambitions for that unit.

This month, Goldman Sachs CEO David Solomon suggested that tough decisions could be ahead.

"We continue to see headwinds on our expense lines, particularly in the near term," Solomon said at the conference last week. "We've set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set."

Goldman Sachs previously laid off a number of bankers and others across departments including its tech, health care and media teams, Insider previously reported in September.