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Multiple banks cutting jobs after 'lowest bonuses for a decade'

It's not just Citi. It's not just Deutsche Bank. After a very bad time for M&A revenues and falling profitability across investment banks, a growing number of institutions are cutting staff. 

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Alongside Citi and DB, cuts this week are happening at UBS, Rothschild and Lazard. 

All three banks declined to comment. 

The Litquidity Instagram account was first to report the cuts at UBS, and said equity directors and managing directors there were hit particularly hard. Financial News said the cuts relate to the merger with Credit Suisse. Sources at UBS told us the exits include Richard Kersley, a managing director and product manager in the equities business who'd been with the bank for nearly 40 years. 

At Rothschild, sources in London say the cuts have affected eight third year analysts and first year associates. They come after MD level cuts were announced at the bank in New York earlier this month. 

At Lazard, cuts are understood to be part of the 10% of job cuts announced by the bank in April 2023. 

The wave of layoffs comes before bonuses are announced or paid at many banks. At banks which have announced bonuses so far, headhunters say the numbers are woeful. "They were down on last year," says one London M&A headhunter. "And last year was down considerably on the banner year of 2021, but this is more than a return to 2018 or 2019 - this is one of the worst years for bonuses for a decade." 

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AUTHORSarah Butcher Global Editor

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