SAN FRANCISCO - Goldman Sachs Group Inc., the fifth-biggest underwriter of municipal bonds in recent years, has made "significant" cuts in its municipal finance business, market sources and former employees said last week.

Goldman Sachs, the biggest U.S. investment bank until it converted into a bank holding company last month, has publicly announced that it will cut 10% of its workforce. Sources inside and outside the firm reported that Goldman cut as many as 30 municipal finance professionals last week, but the precise number could not be confirmed.

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