As CEO David Solomon seeks to contain a slump in profit and revenue, Goldman Sachs Group Inc. plans to eliminate up to 4,000 jobs or 8% percent of its workforce. According to ThinkAdvisor, managers have been instructed to identify potential cost-reduction targets, and no final job-cut number has been determined.

A costly expansion into consumer banking has left the bank with significant losses amid a slowdown in the business environment for dealmaking and slumping asset prices. Spending on technological advancements and integrating operations have also contributed to the cost bleed, with analysts predicting the company's adjusted annual profit could fall 44%.

Solomon shared that Goldman has set certain expense-mitigation plans in motion, but it will take some time to realize the benefits. The bank already has cut its bonus pool for the year and reduced the payouts available to divisions that have seen performance improve. Solomon also indicated that he is scaling back his ambitions for consumer banking and signaled he is reviewing other business lines to manage headcount and limit costs. 

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