Layoffs are reportedly already underway.

The FT reports that JPMorgan has been cutting vice presidents in European M&A and in total, will cut up to 10 percent of its European investment banking staff by Q3.

An anonymous source told the FT that the cuts have been ongoing for months and target “mergers and acquisitions and equity and debt capital markets businesses across the board, in particular at vice-president level.”

UK JV JPMorgan Cazenove is also a target for cuts. Meanwhile, the cuts of European staff at Bear have been “savage.”