Other firms, all thought to be looking at 'resizing', have so far been less public about it.
Goldman has already shed around 5% of its staff as a result of its annual performance review process this year, and its current headcount review is purely market-related.
Although no final decision about where (and when) headcount reductions will come are thought to have been made, the US (where Goldman employs around 10,000 staff), and the UK look likely to take a big share.
There has been speculation, however, that around 1,000 staff could lose out in the current review, although some feel the firm is more likely to start by taking out more expensive Managing Directors, which can sometimes cost as much as five times support staff. One banker told Here Is The City: 'This is less about culling a certain number of staff, and more about saving costs. If I were a gambling man, I'd bet that senior staff are more likely to be vulnerable for the chop at this stage in the cycle'.
Talk that Goldman may increase headcount in Singapore from 250 to 1,250 appears, however, to be somewhat wide of the mark, especially given the war for talent in evidence there. Another banker told us: 'For Goldman to go from 250 to 1,250 in quick order in Singapore would take a huge investment, and would probably result in the firm mopping up all the supply of decent talent in the country. This is highly unlikely - even for Goldman Sachs'.
'No-one wants to be the first to axe', another banker told us, 'But when Goldman actually breaks cover and starts to cut jobs, expect all of the firm's major rivals to swiftly follow suit'.
Finally, another firm that has been reducing headcount this year as it reins in costs, is Standard Chartered. Reuters reports that the bank, which added 7,000 to the payrolls in 2010, has reduced headcount by 1,300 from January through May, although is still likely to see a net increase in numbers year-over-year.