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Goldman Sachs Group has announced that it will embark on its most significant round of job losses ever.
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It plans to eliminate approximately 3,200 jobs this week.
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The bank's leadership is going further than any of its competitors to reduce the number of available positions.
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According to one person familiar with the matter, the firm will begin the process in the middle of the week.
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The total number of affected people will not exceed 3,200.
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More than a third will likely be from its core banking and trading units. This demonstrates the breadth of the cuts.
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According to people who asked not to be identified, the firm will also reveal financials related to a new unit which houses its instalment-lending and credit card business.