The banking system is shedding jobs at a rapid rate.

According to data from Challenger, Gray and Christmas job cuts in financial services have totaled 102,758 year-to-date. That compares with a layoff figure of 33,346 in 2006. The layoff high was in 2001 at 116,515.

It's a safe bet that bank layoffs will head even higher.

Follow Chris Farrell at @cfarrellecon