In the midst of a difficult time for M&A revenues and falling profitability, several major banks including Citi, Deutsche Bank, UBS, Rothschild, and Lazard are cutting staff. The cuts at UBS were first reported by the Litquidity Instagram account, which revealed that equity directors and managing directors were hit particularly hard. The cuts at Rothschild affected eight third-year analysts and first-year associates in London, following earlier cuts at the bank in New York. Meanwhile, the cuts at Lazard are part of the 10% of job cuts previously announced by the bank in April 2023. These cuts come at a time when bonuses are being announced at many banks, and headhunters are reporting that the numbers are quite disappointing. This year’s bonuses are expected to be the lowest in a decade.