Goldman Sachs stripped out 250 employees in its UK operations in the first quarter of 2023 as the Wall Street giant rolled out its deepest cuts since the 2008 financial crisis.

The US bank had 3,632 employees within its international business at the end of the first quarter of 2023, according to newly-released accounts, down by 250 people compared with the end of last year. Goldman said the fall reflected a "headcount reduction initiative" during the period. Around 600 people were cut from its Wall Street headquarters in January, according to filings.