Almost 30,000 lay-offs have been announced since April at banks including HSBC, Barclays, Société Générale, Citigroup and Deutsche Bank.
Bank executives are under pressure from investors to cut costs and protect profits. Since long-term US interest rates began to fall in November, the KBW index of US bank shares has fallen 5 per cent, while the S&P 500 has risen by 6 per cent. The Stoxx index tracking European banks has lost 16 per cent since November to hit a three-year low.