The UK Confederation of British Industry (CBI) has predicted that as many as 10,000 jobs will be shed in the financial services sector over the next three months.
The prediction was made in the CBI's latest quarterly survey of the financial sector.
"This is a very serious crisis in the financial sector," said Ian McCafferty, chief economic adviser at the confederation.
"There's going to be quite some considerable time before we see improvement in the situation."
It was also found that financial firms plan to reduce total spending, excluding marketing, to the lowest level in more than 15 years.
"Some have suggested it's the worst financial crisis since the Second World War," Mr Cafferty said.
"I think one of the key characteristics is that it will go on for quite some time to come."
Bloomberg reports that US banks have cut more than 34,000 jobs in the past nine months.
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