https://www.fidelity.com/news/article/top-news/20…
Not all that surprising but still quite a reduction in store.
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DB not BB
Yikes
I just can't imagine how much harder this constant drumbeat of terrible news makes it for DB bankers to win mandates. Like it wasn't hard enough already, and now every prospective client is going to be asking himself whether the bankers they hire today are going to be gone tomorrow (ditto for research coverage, access to the balance sheet, trading support, etc. etc.)
Wonder what this means for the incoming analyst class and the current batch of interns.
FWIW not all of the cuts are in the IB. A lot of commercial banking jobs in Germany are also going.
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