Citigroup has cut up to 10 bankers in its European capital markets unit as part of a broader trimming of dealmakers that will see dozens of bankers depart.

The US investment bank has joined peers in cutting staff as deal activity has slumped so far this year, despite its continued investment in senior dealmakers in recent months. In London, up to 10 bankers are being cut from its capital markets unit — across equity and debt capital markets — from a team of approximately 100 people.

Globally, the bank is trimming dozens of investment bankers, according to people familiar with the matter, or a small fraction of its dealmaker headcount. Bloomberg first reported Citi’s global investment banking cuts.

READ Credit Suisse plans to cut 450 frontline jobs at its European investment bank

A Citigroup spokesperson declined to comment.

Investment banking fees at Citigroup declined by 63% during the third quarter, while equity capital markets revenue slipped by 79%.

After a record deal boom last year, which brought in $130bn in fees, activity has been hampered by surging inflation, rising interest rates and volatile markets that have hit capital markets transactions particularly hard.

Citigroup follows rivals Goldman Sachs, Morgan Stanley, Deutsche Bank and RBC Capital Markets in trimming their ranks in recent months. Most cuts have been comparatively light — around 1-2% of total headcount.

However, Credit Suisse is in the midst of a radical overhaul of its business and is cutting around 9,000 jobs over the course of the next three years. Around 450 people within its markets and investment banking business in Europe, the Middle East and Africa are set to be cut, or 50% of its planned headcount reductions in the units, FN reported.

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