After weeks of rumors and anticipation, Goldman Sachs will begin laying off thousands of workers this week.

Rumors surfaced in mid-December indicating the banking giant was preparing to lay off thousands of workers. Initial reports placed the number around 4,000, or roughly 8% of the company’s workforce.

According to a new report by Bloomberg, however, the bank plans to lay off no more than 3,200 employees. While coming in a little less than expected, that number still represents one of the company’s biggest-ever layoffs.

While details are still relatively sparse, it appears that at least one-third of the impacted jobs will be in the company’s core trading and banking divisions.