[ by Melanie Gretchen ] Goldman Sachs announced its so-called annual round of staff cuts in the trading and investment banking divisions, sources familiar with the matter said.  Last year, 2,400 positions were eliminated, setting the stage for further reductions as the company continues to reduce costs to raise profitability, the sources said. Routine. Although the cuts are part of Goldman's annual culling process, begun 2 weeks ago, in which the company fires employees who miss performance targets or can be replaced with technology or less expensive staff, divisions have received different targets, the sources said.  Although management has formulated an overall plan for cost-cutting, the number of people affected won't be known until all the job cuts have been completed - perhaps months from now. Expectations. In the past, 5% reductions were typical for the trading staff.  More recently, late last year, the firm increased targeted cost savings - to $1.4 billion - that would be achieved largely through staff and bonus cuts. When asked on a conference call in January whether the bank might have to do more such trimming this year to meet the goal, CFO David Viniar said "there is a small amount left to go."  [CI Note: What's small to Goldman?] Across the Board. The new job cuts are taking place in all of Goldman's 4 main divisions, including sales and trading, investment banking, wealth management, and investing and lending, according to a source familiar with the matter.  Specifically, the bank has been pushing aggressively to replace staff in high-cost areas like New York and New Jersey with less costly workers in Salt Lake City, where the company is building a sizable workforce. In addition, Goldman has also been cutting some staff from divisions likely to be affected by new trading restrictions, such as merchant banking. Wall Street Trimming. Also on the chopping block are underperformers or costly employees, who are placed on what's known as a "RIF," or reduction-in-force, list.  Goldman's list is created early in the year to send at-risk employees a signal through low bonuses that are handed out in February.  Those who do not get the hint are let go in mid-to-late March. For further details, go to [Reuters, 3/19/12].