Credit Suisse is understood to be cutting around 10% of its cash equities workforce in London this week, as the long-awaited round of job cuts set to hit the industry starts to bite.

The Swiss bank announced in its second quarter results that it would cut around 4%, or 2,000 staff, of its total headcount across the group. Staff in its London-based cash equities team have been informed of the 10% reduction to their team this week, according to sources familiar with the situation.