Morgan Stanley has begun a series of job cuts in London that could see at least 350 axed in the latest round of redundancies to hit the City. Daily Telegraph

The US investment bank began cutting jobs on Wednesday, with the process expected to take some weeks as Morgan Stanley continues to restructure. Between 150 and 200 employees have already lost their jobs.

News that Morgan Stanley would cut about 5pc of its workforce, or 1,500 globally, surfaced earlier this month but most of the sackings were expected to come in the US.

The speed and scale of the cuts in London have taken some Morgan Stanley insiders by surprise.