Bank job cuts are back after a three-year hiatus, ejecting hundreds of dealmakers into a job market that offers precious few opportunities as a slump in capital markets and M&A looks set to roll into 2023.

Barclays and Citigroup joined rivals in trimming their ranks of traders and dealmakers in the past week, while Credit Suisse rolled out wholesale cuts to its ranks of bankers, particularly in Europe. Goldman Sachs and Deutsche Bank have already cut back, reintroducing annual so-called "reduction in force" moves, which were paused during the pandemic.