Goldman Sachs Group Inc. has started cutting managing directors across the globe as the firm reduces its headcount amid a deals slump, according to people familiar with the matter.

About 125 MDs, including some in investment banking, will lose their jobs, said one of the people, who asked not be identified because the cuts aren’t public. Not all of the layoffs have happened yet, the people said,

A representative for Goldman Sachs declined to comment.

The moves are part of a deep cost-savings drive at the bank, which has seen at least three rounds of job cuts in less than a year.

Goldman Sachs and other banks that ramped up hiring in 2020 and 2021 amid a surge in M&A and initial public offerings are now grappling with falling fees as dealmaking sputters.

Deal values have fallen more than 40% this year to $1.2 trillion, with Goldman Sachs the number two adviser globally, according to data compiled by Bloomberg. The last time the bank didn’t top the rankings at the halfway point of a year was in 2018, the data show.

JPMorgan Chase & Co. is terminating about 40 investment bankers as part of its effort to cope with the global slowdown, Bloomberg News reported Friday. Citigroup Inc. also started cutting hundreds of jobs across the company this year, and is planning to shed 30 investment-banking jobs and 20 more at its corporate bank in London.

In the past month, several Goldman Sachs veterans have joined competitors, including Wells Fargo & Co. and Banco Santander SA. Tech banking co-head and global head of semiconductors, Tammy Kiely, jumped to Evercore Inc., Bloomberg news reported on Thursday.

--With assistance from Sridhar Natarajan.

This article was provided by Bloomberg News.