Cuts are said to be going down at the bank circa now.

The bank has reportedly begun a round of cuts that will ax 5,000 employees.

The firm is said to be giving a whole bunch of employees the heave-ho.

This is not so much a request as a requirement you're unlikely to get around, unless anyone is considering chaining themselves to their desks.

The Germans are considering sending some bankers to live on a farm upstate, where there's plenty of fresh air and room to run around. Europe’s biggest bank by assets, is considering cutting about 1,000 positions at its investment bank as revenue declines, according to a person with knowledge of the matter. The cuts will be mostly outside Germany, where the firm’s investment banking operations are focused, said the person, who asked not be identified as Deutsche Bank’s plan hasn’t been made public. [Bloomberg]

John McFarlane's reputation for telling staff to GTFO precedes him.

Layoffs are said to be underway at the British bank.

The House of Gorman is said to be in the process of letting some employees down easy. Morgan Stanley will this week complete a round of job cuts that will ultimately lead to the company shedding 100 sales and trading staff, underscoring what is expected to prove a dismal second quarter for Wall Street banks. The cuts are across Europe, the Middle East and Asia, according to people familiar with the New York-based bank’s plans. The bank has so far laid off about two-thirds of its original 100-person target, leaving some 33 people to go this week. Morgan Stanle Said To Shed Staff As Deals Fall [FT]