NEW YORK (CNN) -- Wall Street giant Goldman Sachs will cut 10 percent of its workforce, or about 3,260 jobs, a source familiar with the investment bank's plans told CNN Thursday.
The bank was one of eight leading banks in the United States that signed up for a government plan that would invest up to $250 billion in ailing financial institutions.
Sources familiar with the bailout plan said in mid-October that Goldman Sachs stood to receive $10 billion of that money to help stabilize the former stand-alone investment bank.
Goldman and Morgan Stanley got approval in September from the Federal Reserve to function as bank holding companies due to the financial crisis.
The move allows both institutions to create commercial banking operations that can take deposits.