Investment bankers on way out as cuts hit home

So far this year, Wall Street has fired more than 43,300 employees, making it the biggest number of job losses in investment banking for 25 years, and the gloom looks set to continue through the next quarter.

According to New York's Labor Department, the cuts are the most severe since 1974, when the Middle East oil crisis badly damaged the US economy.

London's Square Mile has also been affected, shedding around 25,000 investment banking staff as activity has slowed dramatically in profitable areas such as underwriting and mergers and acquisitions.