Goldman Sachs Group Inc plans to cut the year-end bonuses for its traders, Bloomberg News reported on Friday, as the Wall Street giant looks to trim costs.

Executives at the investment bank's global markets division were informed that the compensation pool would be slashed by a low double-digit percentage, the report said, citing people with knowledge of the discussions.

Goldman Sachs did not immediately respond to a Reuters request for comment.

Investment banks have been hit by a plunge in dealmaking activity this year as choppy markets and aggressive rate hikes by the Federal Reserve have forced lenders to pull back from financing large deals.

Earlier this year, Goldman Sachs had announced a restructuring and scaled back ambitions for its loss-making consumer unit.

(Reporting by Anirban Chakroborti in Bengaluru; Editing by Sriraj Kalluvila)