As Wall Street braces for a rough year, Goldman is slashing 3,200 jobs.

By The Exchange Team

Goldman Sachs is cutting off fewer staff than expected, but the reduction is still significant.

A source said the global investment bank will lay off 3,200 workers starting Wednesday.

That's 6.5% of Goldman's 49,100 employees in October, below last month's 8% layoff estimate.

Bloomberg said that corporate leaders and top management spent the previous month discussing the ultimate figure.

Goldman CEO David Solomon started Wall Street's layoff season in September with the industry's largest cuts.

Bank staff numbers have increased in the last two years as a result of increased transaction and trading activity.

However, the good times did not last: IPO issuance fell 94% last year due to suddenly hostile markets, as per SIFMA data.