Goldman Sachs

(GS) - Get Report

this week will lay off as many as 250 workers in Europe, with most cuts coming in London, the

Wall Street Journal

reports.

The job cuts are part of the company's plan to trim its global work force by 10%.

One person familiar with the matter said as many as 220 employees in London would be fired, and the layoffs would amount to about 4% of the bank's 5,500 staff in Europe, the

Journal

reports. A spokesman for Goldman Sachs said the job cuts were "part of the overall headcount reduction previously announced," the newspaper reported.

The round of cuts is expected to be across several divisions. Goldman trims 5% of its staff each year to stay competitive, according to the

Journal

.

Several analysts have already left the company as the job cuts have deepened, and this week's round of cuts are believed to affect sales teams, among others, the

Journal

reports. Goldman Sachs has about 32,500 employees worldwide.

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This article was written by a staff member of TheStreet.com.