$\newcommand{\tr}{\operatorname{tr}}$
First, let us give an alternative description of $\tr {\bigwedge}^m T$.
Let $e_1,e_2,\dots,e_n$ be a fixed basis for $V$, and for $J \subset \{1,2,\dots,n\}$ with $|J| = m$, let $T_J$ denote the $m \times m$ matrix acquired by keeping the entries $T_{i,j}$ with $i,j \in J$. Alternatively, if $P_J$ is the projection onto $\operatorname{span} \{e_i\}_{i \in J}$ then $T_J = P_J T P_J$. My claim is that:
$$\tr {\bigwedge}^m T = \sum_J \det T_J$$ where the sum runs over all $J$ with $|J| = m$. More precisely, if $e_J := \bigwedge_{i \in J} e_i$ (in any order, but fixed once and for all), then ${\bigwedge}^m T e_J = \det T_J e_J + \sum_{I \neq J} \alpha_I e_I$. This can be showed by brute-force application of the definition on exterior power and the determinant (the one with sum over permutations). Another possibility is to say that:
$$
{\bigwedge}^m P_J {\bigwedge}^m T e_J
= {\bigwedge}^m P_J {\bigwedge}^m T {\bigwedge}^m P_J e_J
= {\bigwedge}^m T_J e_J = \det T_J e_J
$$
where the last equality holds because $m$ is the dimension of the space on which $T_J$ acts (Wiki lists this property as one of the possible definitions of $\det$).
Now, because $\tr {\bigwedge}^m T$ is by definition the sum of coeffs at $e_J$ in ${\bigwedge}^m T e_J$ (note that $e_J$ form the basis), it turns out that the formula with the sum works.
Thus, it remains to see that $c_m = (-1)^m \sum_J \det T_J$. This can be done by looking at how the characteristic polynomial is computed from the definition, using the matrix form of $T$. I think this is known, and has been asked on MSE (except the sign differs). The gist of the proof I know is that to get $(-x)^{n-m}$ from $\det(T - xI)$, you need to choose the term $-x$ in $n-m$ places, and from what remains you get the coefficient $\det T_J$, where $J$ is the set of indices where you did not take the $-x$.