Royal Bank of Scotland (RBS) is said to be preparing to make up to 3,000 redundancies across its global workforce due to worsening market conditions.
Media reports today say up to 1,000 jobs could to be lost in the UK.
The global banking and markets division will suffer the most job losses, reports said, because it had been hardest hit by the slowdown in trading in derivatives, and severe writedowns on assets following the credit crunch.
However, the bank refused to confirm or deny it would soon be making job cuts.
“We constantly review our operating model to make sure it is appropriate to the market condition, and take action accordingly,” a spokeswoman said.