Goldman Sachs is the latest company turning to layoffs to weather the economic downturn, reportedly looking to cut up to 8% of its staff.

According to Business Insider, no decision has been made on the exact number of employees to be laid off, but it is believed to comprise as many as 8%. Semafor, however, previously pegged the number at 4,000 out of a total of 49,100 employees.

The layoffs could hit as early as January and come on the heels of a warning from CEO David Solomon that rough roads were ahead.

“We continue to see headwinds on our expense lines, particularly in the near term,” Solomon said at last week. “We’ve set in motion certain expense mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set.”