More banks set to cut back?

Commerzbank, Danske Bank and Deutsche Bank announced staff cuts and office closures in recent weeks and market sources expect more banks to do likewise.

"It's unsurprising -- it tends to be an exercise banks do when they haven't done as well as they would have liked," said one London-based recruitment consultant. "It has not been a very profitable year for a lot of banks so they are taking precautions -- it is just a matter of time before other banks follow suit."

The source added that London