Goldman Sachs, which has implemented sweeping cost-cutting measures, began laying off workers on Wednesday, with about a third of those affected coming from its investment banking and global markets divisions, according to sources.

Goldman's job cuts are expected to be the biggest since the financial crisis. This is likely to affect most of the bank's major divisions, with investment banking facing the steepest cuts, sources said this month.

Sources said on Monday that more than 3,000 Goldman employees would be laid off. Another source confirmed on Wednesday that Goldman's layoffs had already begun.

Goldman's job cuts are part of a broader reduction across the banking industry that has seen at least 5,000 employees eliminated at several banks. In addition to Goldman's 3,000 job cuts, Morgan Stanley said last month it had cut about 2 percent of its workforce, or 1,600 people, while HSBC previously revealed it was cutting at least 200 employees.

Goldman will cut about 6 per cent of its workforce, which stood at 49,100 at the end of the third quarter. The bank has increased its headcount by more than 10,000 since the coronavirus outbreak.

Goldman's fourth-quarter net income is expected to be $2.16 billion, down 45 percent from $3.94 billion in the same period last year, according to the average analyst estimate from Refinitiv Eikon. Goldman's stock is up about 6% year-to-date.

Goldman Sachs began laying off employees in Asia on Wednesday, cutting back its private wealth management business and laying off 16 private banking employees at its offices in Hong Kong, Singapore and China, according to people familiar with the matter. In addition, Goldman Sachs has laid off about eight employees in its research department in Hong Kong, and layoffs in its investment banking and other divisions are also underway.