The newly merged banks are preparing to cut 1,900 jobs in London, according to the Times.

"Cuts have already begun in some departments, with job losses in the commodities trading department in the past few days, but the major reductions are still to come, with most of the cuts due to be completed by March," the article said.

Merrill Lynch refused to confirm the redundancies when contacted by Energy Risk.

In December, Bank of America announced plans to cut between 30,000 and 35,000 jobs over the