Goldman Sachs will lay off more than 1,300 employees, WSJ By Reuters reports

(Reuters) – Goldman Sachs plans to cut more than 1,300 employees from its global workforce as part of an annual review process to weed out underperformers, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The bank is likely to cut 3 percent to 4 percent of its workforce across various divisions, the report said, adding that layoffs have already begun and will continue through the fall.

Goldman Sachs did not immediately respond to a Reuters request for comment.