Investment bank Merrill Lynch has asked all of its employees to consider voluntary redundancy packages.
Emails sent out to all 65,900 staff, from secretaries to analysts, after close of play yesterday, offered terms of departure based on length of service with a minimum of 12 weeks' salary and a maximum of 54.
The company employs around 8000 people in the UK alone.
Merrill Lynch is apparently seeking to cut around 10,000 positions as part of a global overhaul in the face of a slow market economy.
The announcement comes on the back of a 41 per cent collapse in second quarter profits, caused by stock market instability.
Why does Facebook store "my entire call history with my partner's mum", asks developer who requested his Facebook data
Facebook database included text-message metadata - despite not using Facebook Messenger for SMS
Before Ocado could start selling the technology it had developed to other retailers, it had to tear down and rebuild its own monolithic architecture
Successful attack could result in harm to patients and financial loss, warns NHS governing body
Guccifer 2.0 claimed to be a lone Romanian hacker - until a schoolboy error gave him, her or them away