Mr Jutting, who attended Cambridge University, is being held by police after the bodies of two prostitutes were discovered in his up-market apartment in the early hours of yesterday morning.
Officers found the women, thought to be a 25-year-old from Indonesia and a 30-year-old from the Philippines, after Mr Jutting allegedly called police to the address, which is located near the city's red light district.
Government workers remove the body of a woman who was found dead at a flat in Hong Kong's Wan chai district in the early hours of this morning. A British man was been arrested in connection with the murders
The naked body of the Filipina victim, who had suffered a series of knife wounds, was found inside the 31st-floor apartment in J Residence - a development of exclusive properties in the city's Wan Chai district that are popular with young expatriate executives.
The second woman was reportedly discovered naked and partially decapitated in a suitcase on the balcony of the apartment. She is believed to have been tied up and to have been left there for around a week.
Sex toys and cocaine were also reportedly found, along with a knife which was seized by officers.
Mr Jutting's phone is today being examined by police in a bid to identify possible further victims, according to the South China Morning Post.
It is understood that photos of the woman who was found in the suitcase, apparently taken after she died, were among roughly 2,000 that officers found on the device.
Mr Jutting attended Winchester College, an independent boys school in Hampshire, before continuing his studies in history and law at Pembroke College, Cambridge, where he became secretary of the history society.
Officers investigate two adjacent balconies in the flat where the two bodies were discovered yesterday
A policeman checks the window (right) in the apartment where the bodies of two women were found
He appears to have worked at Barclays in London between 2008 and 2010, when he took a job with Bank of America Merrill Lynch. He was moved to the bank's Hong Kong office in July last year.
One colleague told the Telegraph that he had apparently vanished from his workplace a week ago. It has also been reported that he resigned from his post days before news of the murders emerged.
A spokesman for Bank of America Merrill Lynch confirmed that it had previously employed a man by the same name but would not give more details nor clarify when the person had left the bank.
CCTV footage from the apartment block, located near Hong Kong's red light district, showed the banker and the Filipina woman returning to the 31st floor shortly after midnight local time yesterday.
He allegedly called police to his home at 3.42am, shortly after the woman he was seen with is believed to have been killed.
She was found with two wounds to her neck and her throat had been slashed. She was pronounced dead at the scene.
The body on the balcony, wrapped in a carpet and inside a black suitcase, which measured about three feet by 18 inches, was not found by police until eight hours later.
A second victim was found stuffed inside a suitcase on the balcony of the residential flat in Hong Kong
Forensics teams investigate the scene where the bodies were discovered - and a knife was also seized today
A police source quoted by the South China Morning Post said: ‘She was nearly decapitated and her hands and legs were bound with ropes.
‘She was naked and wrapped in a towel before being stuffed into the suitcase. Her passport was found at the scene.'
Wan Chai, the district where the apartment is located, is known for its bustling nightclub scene of ‘girly bars,’ popular with expatriate men and staffed by sex workers from South East Asia.
Police have today been contacting nearby bars in an attempt to find out more about the background of the two murdered women.
One resident in the 40-storey block, where most of the residents are expatriates, said he had noticed an unusual smell in recent days.
He told the South China Morning Post that there had been 'a stink in the building like a dead animal'.
Wan Chai District Assistant Commander Wan Siu-hung speaking to reporters about the double murders
The 40-storey J Residence is reportedly a high-end development favoured by junior expatriate bankers
Flats measuring just 350 square feet in the 30-storey development sell for more than £550,000 and can be rented for around £1,700 a month.
A police source said that the scene of the latest murder was among the grisliest the city had seen since the so-called ‘milkshake murder’ which took place in 2003.
In that case, American Nancy Kisel murdered her husband Robert, a Merrill Lynch investment banker, in their luxury home, bludgeoning him to death after giving him a drug-laced milkshake. She was jailed for life.
A spokesman for the Foreign and Commonwealth Office said last night: ‘We can confirm that a British national has been arrested in Hong Kong.
‘We are in touch with the local police and stand ready to provide consular assistance.’
Police said that when they arrived at the scene a woman was found unconscious and lying inside the flat
Post-mortem examinations will be conducted later to ascertain the causes of death of the deceased
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