NEW YORK - Goldman Sachs Group Inc plans more workforce reductions as the difficult economic environment weighs on dealmaking, the bank's president said on Thursday.

"The macro backdrop is extraordinarily challenging," Goldman's President and Chief Operating Officer John Waldron told investors at a conference, without specifying the scale of the layoffs.

The firm is expected to cut fewer than 250 jobs in the coming weeks, a source familiar with the matter told Reuters in May.

(Reporting by Saeed Azhar and Niket Nishant;)