Investment banking job cuts have topped 25,000 this year mainly because of the sluggish pace of capital markets, according to a Financial Timessurvey.
The newspaper said at least 25,430 people in the industry had lost jobs, but the number could be higher because some institutions had been eliminating positions "through stealth instead of announcing sweeping reductions".
It said the losses reflected the severe downturn in capital market activities that had followed the fall in stock prices for technology and telecoms companies.
But it said some job losses were due to restructuring and from banks integrating acquisitions.
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The FT said the slow pace of capital market activity was fostering fears of more cutbacks.