The Financial Times reports the moves are also being driven by falling trading revenues, with a number of lenders expected to make significant job reductions.
It is anticipated that UBS is lining up 5,000 job cuts, with redundancies also predicted at Barclays and Credit Suisse.
The newspaper reports that the second quarter of 2011 has seen fixed income trading revenues take a considerable hit, especially when compared with levels experienced in the first three-month period of the year.
It is expected that Credit Suisse - which celebrated its 150th anniversary in 2006 - will endure the sharpest percentage dip in revenues, while investment banking profits at Deutsche Bank and UBS will drop by around 25 per cent from the first quarter.
A fall of 30 per cent is also forecast at the Royal Bank of Scotland Group and Barclays.
By Asim Shah