JP Morgan, the U.S. investment bank, is drawing up plans to axe thousands of jobs across its worldwide operations, reports The Sunday Telegraph.
The paper cites people close to the company, who say that it has started consulting on job cuts and they were likely to be on a comparable scale to those of rivals, Reuters reports.
It points out that both Citigroup and Goldman Sachs are letting about 10 percent of their workforces go, which if applied to JP Morgan would mean more than 3,000 jobs being slashed across the world.
A spokesman for the bank refused to comment.
JPMorgan said in July it planned to cut as much as 10 percent of its European investment banking jobs.