Goldman Sachs is cutting nearly 100 jobs after its profits tumbled

Richard Drew/AP

• Goldman Sachs is cutting 98 jobs across its operations, according to a filing.
• Employees have already been notified of the cuts, which are for "economic reasons" after the Wall Street bank's net income dropped 20% in the first quarter.
• The bank's bonus pool also shrank after Goldman missed analyst revenue targets of $9 billion for the first quarter.
• Watch Goldman Sachs trade live.

Goldman Sachs is the latest bank to cut jobs after reporting lower than expected first-quarter results.

The bank is cutting 98 jobs across its divisions following a 20% drop in net income, citing "economic reasons" for the sackings, according to a Worker Adjustment and Retraining Notification (WARN) filed by Goldman with the New York State Department of Labor on February 19. Goldman declined to comment.

Business Insider previously reported that the bank would cut 5% of its sales and trading division as part of its annual cull.

Employees have already been notified of the changes which will go into effect between May 29 and September 28, according to Reuters, citing a source familiar with the matter.

In a statement, CEO David Solomon noted the bank had endured a "muted start to the year." Goldman Sachs recorded revenues of $8.8 billion for the first quarter, missing analyst estimates of $9 billion.

That represented a 13% drop in revenues, which alongside a 20% year-on-year fall in net income has led to the bank's bonus pool for this year to be cut by 20% to $3.26 billion for the first quarter, according to CNN.

Goldman Sachs shares closed down 3.8% Monday but are trading up 0.3% ahead of Tuesday's opening bell.

Other banks including Nomura and Societe Generale have reported job cuts in recent weeks.

Goldman declined to comment on any further detail regarding the filing.

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