'Not a surprise' -bank strategist on Goldman Sachs layoffs

STORY: Cassidy said weakness in the investment banking business is the primary reason for the layoffs. "The IPO business this year for Goldman and the industry was down approximately 80%," said Cassidy.

Just over 3,000 employees will be let go, one of the sources said, but the final number is yet to be determined. That scale of layoffs would be the largest since the 2008 financial crisis.