Goldman Sachs will spend $275m on the 3,200 job cuts it rolled out earlier in January, its deepest headcount reduction since the 2008 financial crisis.

The Wall Street bank will book the hit in severance costs for the thousands of employees cut in January this year, its chief financial officer Denis Coleman told analysts on a call announcing its fourth quarter results. Goldman will see a benefit of "north of $200m" associated with the headcount reduction in 2023, he added.