Several big banks are making staff cuts across their businesses amid a downturn in dealmaking, according to reports Friday from Bloomberg and Reuters.

Goldman Sachs is cutting roughly 125 managing directors, a source told Bloomberg, including some in investment banking.

Not all of the cuts have happened yet, the source said. But the move lends credence to a Wall Street Journal report last month that indicated the bank would cut fewer than 250 jobs in the weeks ahead. A source told Reuters at the time that the cuts could be spread across seniority levels, including partners and managing directors.

The cuts represent Goldman’s third reduction in force over the past year. The bank slashed 3,200 positions in January, after cutting a few hundred in September.

JPMorgan Chase, for its part, is cutting 40 North America-based investment bankers, in addition to previously reported international reductions, sources told Bloomberg and Reuters. 

JPMorgan’s cuts, like Goldman’s, are reportedly across all seniority levels. They follow the elimination of 20 Asia-based investment banking jobs last week.

Cowen, the boutique investment bank acquired this year by TD, also laid off staff Friday, another source told Bloomberg.

Affected employees were in Cowen’s credit sales and trading group, according to the wire service, which did not report how many employees were let go.

Earlier this month, Cowen laid off 10 employees under its digital assets unit, which it shut down.

Rising interest rates have impeded dealmaking globally over the past year. Deal values are 40% lower than last year, Bloomberg reported. That dip has contributed to layoffs at other large banks.

JPMorgan did not respond to a request for comment by Banking Dive. Goldman Sachs and Cowen both declined to comment to Bloomberg.