Banking giant Barclays is to cut 2,100 jobs in its investment arm, sources close to the company said.
The redundancies represent a 7% reduction in staff numbers in the Investment Banking and Investment Management (IBIM) division across the globe, which includes the Barclays Capital, Barclays Global Investors and Barclays Wealth businesses.
A spokesman for the firm said: "We can confirm that we have begun a consultation process to reduce headcount across some parts of IBIM to ensure that we are appropriately sized given the current market conditions."
He said the job cuts would be global and figures for UK redundancies were unavailable.
Barclays' retail arm, which includes commercial banking and Barclaycard, is not affected by the cuts.
Redundancies at IBIM will be felt across all parts of the business and apply to both front and back office staff.
The spokesman said: "We will continue to hire selectively across those parts of the business that are growing."