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.