Goldman Sachs is preparing for its third round of layoffs since September as Wall Street firms adjust to a slump in deals activity.

The company is expected to trim fewer than 250 jobs in the coming weeks, a person with knowledge of the New York-based bank’s plans said Tuesday.

Goldman Sachs, led by CEO David Solomon, was among the first major Wall Street firms to trim jobs in September, cutting a few hundred positions. It then slashed more jobs in January, releasing about 3,200 employees. Morgan Stanley announced about 3,000 job cuts this month, and JPMorgan Chase cut about 500 jobs, CNBC reported last week.

But Goldman is more tied to the ups and downs of Wall Street than its rivals. Its combined 16% drop in first-quarter trading and advisory revenue contributed to a disappointing start to the year.

Managing directors and some partners will be affected by the Goldman cuts, according to the person, who declined to be identified speaking about layoffs. The Wall Street Journal reported the news earlier Tuesday.

Goldman had 45,400 employees as of March 31, a 6% decline from the fourth quarter of 2022.

Clarification: This story was updated to reflect that JPMorgan Chase had cut about 500 jobs last week.