Goldman Sachs is kicking off its second round of job cuts in five months, culling around 3,200 jobs this week as it looks to rein in costs after a tough year for its investment bank.

The bulk of Goldman Sachs' cuts are expected to take place on 11 January, according to people familiar with the matter, but dealmakers in the City told Financial News that some sector teams and equity capital markets were informed of job losses from 9 January. The US bank is set to cut around 1,000 people from its core dealmaking and trading teams, according to a person familiar with the matter.