Canada's RBC Capital Markets has become the latest bank to cut staff in fixed income, following in the footsteps of HSBC which slashed jobs in its equivalent division yesterday.

RBC let 41 people go from offices in seven US cities including New York and Chicago. A spokesman said: "RBC is in no way reducing its commitment to the US or the middle-market business. The goal is to align our operations in the US the way we have them set up in other regions.'