Goldman Sachs is reportedly cutting 10% of its giant fixed-income division

Goldman Sachs is preparing to drop up to ten percent of its workforce later this quarter, according to a report from The Wall Street Journal.

The layoffs are expected to take place among Goldman's fixed-income traders and salespeople, and could affect about 250 employees.

The cuts represent a larger-than-normal excision at the firm.

Citing people familiar with the matter, WSJ says Goldman normally sheds about five percent of its employees annually in March.

Business Insider finance reporter Portia Crowe reported late last year that fixed-income divisions at Wall Street banks had suffered over the past year, especially in the third quarter of 2015.

Goldman Sachs is one of the big banks particularly struck by the downturn.

At the Bank of America Banking & Financial Services Conference in November, Goldman's chief financial officer Harvey Schwartz noted that the firm would be making changes quietly.

"We've cut head count [in] fixed income by more than 10% since 2013," Schwartz said.

It isn't uncommon for Wall Street banks to cut jobs right before bonuses announced. Bankers typically make their millions from bonuses rather than salaries.

The first banks are set to announce bonus numbers this week. Business Insider finance editor Matt Turner reported that Morgan Stanley, Citigroup - and Goldman Sachs - are among them.