CEO David Solomon said: “We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January.
“There are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity.
“For our leadership team, the focus is on preparing the firm to weather these headwinds.”
Sources said top management has been asked to identify possible cost-cutting targets.
But the exact number of job cuts has not been determined.
An expensive entry into consumer banking and then the subsequent u-turn and withdrawal from this sector, coupled with ongoing investment in technology and integrating operations have contributed to this year's cost drain.
The expected layoffs would be more drastic than any of its competitors, as management struggles to meet profitability targets.
A company spokesperson declined requests for comment.
