At least 60,000 staff have been laid off in the investment banking and securities industry in the wake of the sharpest downturn in over a decade, according to research by Financial News.

Analysis of announcements by securities firms and fund management groups of significant job cuts since the beginning of January shows nearly 58,000 staff have been fired this year worldwide. However, many banks have tried to avoid wholesale cuts and have trimmed staff throughout the year, which means the real figures are much higher.