British bank Barclays is slashing around 10% of its 1,000 private banking jobs worldwide in response to the prolonged slump in stock markets.
Andrew McDougall, spokesman for Britain's fourth largest bank, said London would bear the brunt of the cuts since more than 400 Barclays private bankers were based there.
He said Barclays private banking operations in Geneva, Cayman Islands and Jersey would be among the centres affected.
Barclays, which is due to report first-half results on Thursday, has already axed thousands of jobs in various parts of the business in the last two years as it tries to curb rising costs. These costs, and a jump in bad debt provisions, have been major factors weighing on the bank's share price.
