Goldman Sachs will lay off 8% of its workers in January.

By The Exchange Team

As per a source, Goldman Sachs, the legendary investment bank, will eliminate up to 8% of its staff next year to prepare for a harder market.

The insider, who declined to be identified, said the layoffs will affect every bank division and likely occur in January.

That's before a Goldman shareholders' conference when management will give performance targets.

The New York-based investment firm generally pays bonuses in January, so the layoffs could save incentive funds for surviving staff.

After a two-year boom in deals and hiring, Wall Street is adjusting to a lower revenue environment this year.

Goldman Sachs was the first major firm to lay off workers in September, with only a few hundred people affected.

CNBC reported last week that Morgan Stanley eliminated 1600 staff, followed by Citigroup and Barclays.