Staff in Europe will not escape job cuts in the investment banking business of Bank of America Merrill Lynch, with layoffs of about 3% of the 13,000 employed in the division globally shared across regions and business lines, the bank said today.

The US bank is this week finalising plans to cut headcount in global banking and markets by around 400 globally, according to a person familiar with the situation. The total number likely to be affected in Europe is not clear because the bank does not break down headcount for investment banking by region.