The plans that are still in the works could see up to 4,000 workers being laid off, or about 8% of its workforce.
As of September 2022, the company had 49,100 workers at the investment banking firm globally.
Since 2019, nearly 10,000 workers had been added to the company in a hiring spree. In 2019, the workforce stood at 38,300.
However, if the business outlook changed and improves, the company may reduce the number of layoffs.
According to the Financial Times, the bank experienced a 44% reduction in net profits in the first nine months of 2022, which caused the firm to not meet its 14% return on tangible equity target.
Altogether, this has caused the firm shares to fall nearly 10% this year.