Goldman Sachs Group will begin cutting thousands of jobs across the company starting Wednesday, according to two sources familiar with the move, as it prepares for a tough economic environment in the coming year.

According to one of the sources, the job cuts are expected to slightly exceed 3,000 jobs, although the final figure is still to be determined.

The names of the sources could not be cited because the information had not yet been made public. Goldman Sachs declined to comment.

Bloomberg News reported Sunday that Goldman would cut about 3,200 positions.

Goldman had 49,100 employees at the end of the third quarter, having added a significant number of staff during the coronavirus pandemic.

The layoffs are likely to affect most of the banks’ major divisions, but should focus on Goldman Sachs’ investment banking unit, one of the sources said. Investment banks have experienced a significant slowdown in corporate trading activity as a result of volatility in global financial markets.

Hundreds of jobs are also likely to be cut in Goldman Sachs’ loss-making consumer business, after it has scaled back plans for its direct-to-consumer subsidiary Marcus, according to the sources.

The bank’s chief executive, David Solomon, sent a year-end voice note to staff warning of a downsizing in the first half of January, two separate sources said. Goldman Sachs declined to comment on the memo.