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Other groups Citywire believe to be monitoring staff levels include Societe Generale, and Blackrock.
The fund management industry currently has a total headcount of 25,500, if 20% are slashed then that would see 5,100 people out of a job.
Phil Sharp, managing director of Executive Headhunters, said the level of redundancies could mean thousands more leaving the industry.
He said: ‘What you tend to find in times like these is that a lot of people can’t get another job straight away and even if they can they cannot command the same salary.'
'This leads them to leave the industry altogether either to emigrate to other parts of the world or to re-train. The result of this is a big skill gap which can have long term implications when the markets do start to recover.’