Fidelity is set to shed 300 jobs in the UK

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Fidelity, which has £135 billion under management, says about 300 of its 2100 staff in the UK will be axed. It employs about 5000 people round the world.

"Due to market conditions, we have been reviewing costs across the business," a spokesman said. "We have seen net redemptions due to loss of confidence in equity markets but they have become less as the year has gone by."

Fidelity says those affected will be leaving the firm after Christmas. It has already axed about 170 jobs this year following heavy outflows from some of its retail funds.

The group is reviewing all its operations, including its Edinburgh office, which it opened about two years ago.

Fidelity's sister company in the US, Fidelity Investments, the world's largest mutual fund manager, announced earlier this month that it was cutting 3%, or about 1300 jobs.

Deutsche Bank is to cut 900 jobs in London and on Wall Street. The bank is looking to shed almost one in seven traders in its global markets division, where trading volumes have collapsed in the financial crisis.

Insiders said London would bear the brunt of the cuts, which will be made in the coming days. It is the biggest round of redundancies seen so far by the German banking giant.

Thousands of jobs are being culled across Canary Wharf and the City as every major banking group retrenches in the face of the financial crisis.