Here are four more pieces of news that underline just how tough it is out there at the moment.
Jesse Bhattal, Nomura's wholesale banking CEO, said that the move was designed 'to strike the right balance between continuing to grow selectively and rooting out underperformance across all the businesses and geographies'.
The firm seems likely to bring on around 1,750 trainees this year, but will whittle them down to 1,250 fairly quickly.
The bank is thought to have been in advanced talks about moving investment banking staff from Stamford, but the plan is now said to have been ditched. The news agency quotes a source who said: 'This wasn't about not being able to come to an agreement on a price. The explanation is about earnings (or lack of them)'.
4. The Telegraph reports that City job cuts could cost the UK government around $2.12bn in lost tax revenues, 'as investment banks draw up plans to cut thousands of staff after the summer break'.
The newspaper says that it believes that, based on 'sources and other estimates', as many as 16,000 jobs could be cut by investment banks in the City by the year-end.
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