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Thousands of jobs are under threat from a deal that will see troubled Wall Street investment banks Citigroup and Morgan Stanley merge their retail brokerage and asset management businesses.
A Morgan source said that the new combine could reduce the total number of ancillary staff by about a third, which may result in between 7,000 to 10,000 redundancies.
The move will lead to huge cost savings and substantial job losses, mostly in America, but with some positions at risk in London and Asia.
Negotiations come as Citigroup continues to struggle to raise enough capital to keep the giant banking group running, and follows the resignation of Robert Rubin, special adviser to the board and a former US treasury secretary.
Citigroup's problems - it has received a $45 billion (BD17bn) government bail-out - are thought to have made things awkward for Rubin, who has received $115 million in pay since 1999, excluding stock options.
