Goldman Sachs Group Inc. said in a filing it planned to eliminate 65 jobs from its New York operations.

The firm filed a Worker Adjustment and Retraining Notification with the New York Department of Labor describing the planned workforce reduction, which it blamed on “economic” factors. The filing was dated Feb. 27 and publicly released this week.

Goldman Sachs (GS) typically cuts about 5 percent of staff around this time every year to make way for new hires. Chief Executive Officer David Solomon, who took over from Lloyd Blankfein in October, also has been reviewing all of the firm’s business lines.

The commodities business has been one target, and senior managers were asked to present a plan that included job cuts and exiting some business lines to reduce Goldman’s global footprint. The firm is eliminating 10 staffers in the commodities division, representing about five percent of the unit’s workforce, people familiar with the matter said last week.