Deutsche Bank 2019 IB - am I screwed?
Hi guys, I know there are a lot of experienced people in the industry here, so I want to address a concern I have.
I took a Deutsche Bank summer 2019 offer for Corporate Finance (their investment banking division) for NYC. How will this affect me in the long run, given the cuts in IB and how they are not doing too well at the moment? Is there any chance they would cut my spot by summer 2019, leaving me with no junior year internship? I may be overthinking this, but I want to bounce these thoughts off the community here. What have you guys heard about DB from inside the industry? Thanks guys.
I'll bite. Posting this from a throwaway because people would probably know who I am based on my main account's post history.
I'm at DB. I am of the opinion (and most people internally) that we're now starting to stabilize. Layoffs in the IB division proper are done, staff turnover has been pretty quiet over the last month, and management has been making a concerted push to really invest/grow groups that have not been our strongest in recent years. Healthcare has been hiring a lot of new people, FIG has brought in a whole new slew of seniors (former global head of GS FIG Celeste Guth is now head of DB FIG, many directors/MDs brought in from GS/other strong banks) and the Sponsors/REGLL/LevFin groups remain top 3-5 on the Street at what they do. The cuts in early summer were fat that was long overdue for a trimming (inept associates/VPs, and directors/MDs that weren't generating revenue) and a Natural Resources group that quite frankly had never been a contender.
Many things can change over the course of a year (hell, there could be another recession and even the GS 2019 intern loses their offer), but I'm confident that there won't be any more shocks to our US investment bank in the near future. Nobody in my group is concerned about job security (knock on wood, hope I didn't jinx myself lol). Even when the Houston office closed some (note: not all) of the interns were accommodated in other offices.
TL;DR - you are fine dude. If you want to discuss this at length, PM me and we'll chat.
Nothing to be concerned about.