The churn in investment banks, though less muted than in the heydays of 2007, is gathering speed. "The pent-up desire to move is very high at the moment," says R Suresh, managing director at head hunting firm Stanton Chase.
An estimated 10,000 to 20,000 jobs will be axed, according to a media report
The bank is expected to report a pre-tax profit of $21 bn.
Many of the jobs will now be offshored to lower income countries such as India, China and Poland
The job cuts will affect almost a fifth of the bank's workforce.
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