A new report says Goldman Sachs Group has begun laying off managing directors across the globe as the company downsizes its headcount amid a slump, according to sources familiar with the matter.

Roughly 125 managing directors, including some who work in investment banking, are poised to lose their jobs, according to one of the sources, who requested anonymity, because the company has not made the cuts public. Sources said not all of the layoffs have occurred yet.

A Goldman Sachs spokesperson declined to comment on the report.

The layoffs are part of a deep driving cost-savings plan at the investment bank, and they are at least the fourth round of job cuts seen at the bank in under a year.

Goldman Sachs is just one of several investment banks who ramped up hiring in 2020 and 2021, as mergers and acquisitions and initial public offerings surged. Now as deal-making is sputtering and fees are falling, these banks are being forced to downsize.

Roughly 40 investment bankers are seeing their positions cut at JPMorgan Chase & Co, as part of an effort to reduce costs amid the global slowdown, according to a new report in Bloomberg News Friday. Citigroup Inc. also has been on a job-cutting spree, eliminating hundreds of positions across the firm this year, while planning to cut 30 investment-banking positions in the US and 20 more at the corporate bank in London, according to a report in Bloomberg News this month.

Over the past month, several veterans of Goldman Sachs have jumped over to join competitors, including Wells Fargo & Co. and Banco Santander SA. Tammy Kiely, Tech banking co-head and global head of semiconductors, left to join Evercore Inc, according to a Bloomberg News report on Thursday.