Deutsche Bank to shed 35,000 jobs over 24 months
Just saw this across my news stream. It looks like 9,000 will be FT and rather immediate. Not sure what groups will get hit the hardest. $6.6b loss in third quarter.
http://money.cnn.com/2015/10/29/investing/deutsche-bank-job-losses/
http://www.huffingtonpost.com/entry/deutsche-bank-cuts_5631e588e4b06317…
Love the comments on the huffpo article. Clueless idiots talking about things they have zero knowledge as if their feelings are facts.
As for DB it has been brewing for years before this point. They have had big time investments go south across multiple asset groups, not to mention the LIBOR fines and the set asides they have done for other legal issues.
The comments are hilarious. "Mike Volkerding" appears to be the sole voice of reason. My favorite is:
"So instead of firing the incompetents that made bad loans, they fire the rank and file.
I saw Bernie Sanders speak a few years ago. I so clearly remember his closing line: "Make no mistake about it: These people mean to TAKE IT ALL."
Prophetic"
These people look like the twats I grew up with who are determined to make their political/economic beliefs known via facebook statuses
Regarding what groups will get hit the hardest FT coverage is saying 4 of the 9k jobs will be lost in Germany and that "To help it cut its balance sheet, Deutsche will stop various activities in its flagship IBD, including high-risk weight securitised trading and market making for uncleared credit default swaps."
Ouch.
The problem with these articles is that they lump everything into IB. Anything from S&T to risk management is usually classified as "IB" by these articles. What we know as IB will probably not be affected as much.
Their IB business is actually growing:
"Executives said they also plan to hire in areas where they’re investing, including parts of the investment bank and asset-management business."
Exactly. IB, as in M&A, is growing. The markets are still very active. DB would be foolish to cut jobs there (or at least at the level of other departments).
Any idea on how this will affect their Leveraged Finance group? I know Fixed Income S&T requires pretty substantial capital due to the capital ratios, does the same go for Lev Fin?
S&T already got cut there and it's still very lean. IB is growing there though, last I heard.
What's people thinking on Graduate program hires given all this?
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