Goldman Sachs Group Inc. may eliminate as many as 4,000 employees, according to a person familiar with the matter.

Top managers have been asked to identify potential cost-reduction targets, and no final job-cut number has been determined, the person said, asking not to be identified discussing internal deliberations.

Head count at the Wall Street giant has surged in recent years as Chief Executive Officer David Solomon completed acquisitions to build a more diversified company. A costly expansion into consumer banking left the unit with its deepest losses yet amid a slowdown in the business environment for dealmaking and slumping asset prices.

The bank’s workforce surpassed 49,000 in this year’s third quarter, up 34% since the end of 2018.  

Solomon has said he’s dialing back the firm’s ambitions for consumer banking and signaled he’s reviewing other business lines to manage headcount and limit costs. The latest cuts go beyond the firm’s annual exercise of weeding out underperforming staff, which was the focus just months ago. 

Semafor, which reported the potential job cuts earlier Friday, said they may amount to up to 8% of the bank’s workforce.

A spokesperson for the New York-based company declined to comment.

This article was provided by Bloomberg News.