Honest Opinions on Deutsche Bank
Just want some opinions, preferably from some people at DB, on the outlook. I'm going to be interning there next summer, and I'd like to know what I could expect in the next few years. I've really liked the people I've talked to there, but I've been told to recruit elsewhere for full time even if I'm given a return offer.
It can't be as bad as people on this forum paint it to be right? It's still a BB (though perhaps arguably now), and I'll still be getting paid a good amount of money (more than the majority of people in the US).
So is working at DB a huge mistake? Sure, things are better at other banks, but will anything truly terrible happen if I stick with DB? Be honest with me.
Thanks.
Dude just relax and enjoy the semester, then go out and kill it next year. DB is still top 15 in the league tables.
I'm friends with some DB guys and have spoken to some seniors there. As an IB analyst, you will be worked into the dirt. As long as the hiring freeze is still in effect, it won't get any better in terms of work life balance. Every junior is currently looking for the nearest door, which makes working conditions worse. Bright side, you will be auto promoted to an associate in 2 years (at least the ones I know), be paid very well, and work with some really good people (in my experience). DB still has a strong alumni base and will provide a nice network going forward. Moving to the time warner center will also be cool.
They still have awesome levfin, loan capital markets, and Real Estate operations. The rest of the shop is still respectable and will probably continue to be respectable. Definitely not a bad gig. Just don't expect to have a lot of fun.
As a current analyst, the sentiment above I think is fair. DB is not a world-beater by any means but if you are not insecure about prestige and memes, it’s still a strong shop when it comes to certain areas (LevFin, real estate, HCIT, business services). You’ll certainly get a better experience out of it than any MM, and in my opinion the people at DB are much much better than what I’ve heard from friends at other banks. It was one of the biggest pleasant surprises when I joined.
Would caveat the above comments by noting LevFin and FSG work/life at DB is actually on average very good relative to the average IB group across the street. But agree that certain groups do get grinded very hard (IND, HC in particular). Hiring freeze is only through the end of 2019 and doesn’t apply to the analyst program, those groups are just more grindy in general.
DB is obviously not the best place to be in, but at the end of the day DB is a BB and that alone means a lot. For those who call it no longer a BB, you must have a misconception of what BB really means. They are still active in their business and as long as you are in the right group, any analyst would get sufficient experience that the market expects you to get out of through the analyst program.
Bottom line, DB >>> MM
The comments above are pretty on point. I used to work at DB and would like to share my thoughts.
It's not too bad to work at DB. To me what separates DB from other MM banks is that it still gets front page deals from time to time due to its global scale and connections at the senior level. LevFin, Industrials, REGEL are still very relevant. FIG, HC, Sponsors, TMT get deals too. I think M&T is top 3 on league table this year. The new head of US M&A used to be a senior partner at Goldman. While the sheer number of deals (especially high-profile ones) are not as high as it used to be, you can still make a solid experience out of it. But more importantly, people are generally very nice and some of them are really smart.
However, the most relevant issue for any juniors at DB is the loss talents. The US advisory business is not going anywhere. But no matter what positive messages executives & senior MDs convey in group meetings and internal emails, the morale is low. People are constantly thinking about jump ships, and turnover is extremely high. Just three years ago, major feeder schools of the analyst class include princeton, wharton, chicago, duke, georgetown, etc. This year, most of them are gone because either alums are gone or prospects not willing to commit. Whether DB is gonna recover or not, it will not be able to reverse this trend at least in the next few years. Banking is a people business. This is just how it is.
I guess my point is that always look out for your own sake. DB is still a place where you get can a solid experience and is still bette than any MM in my opinion. However, you should be fully aware of certain facts associated with DB at this point and should not expect the bank to fix itself anytime soon (better be conservative in this case). No matter how much you like the people or enjoy your summer experience, your own development is the single most important thing at the end of the day. You never know if your fulltime are gonna leave someday. So do your job, enjoy the summer, and try FT to somewhere else. DB is still gonna be a good name for FT recruiting. You will not regret the hustle.
Let's be honest. Most people outside of the finance know Citi and JPM because of their retail/credit cards. They probably don't even know what investment banks do.
DB is the top BB when it comes to lending/financing/credit business. Anyone who says otherwise has no clue of what they are talking about.
Credit business I know personally is best on the street by far, no shop is even close. Bigger risk appetite than any other bank. Think they made 1.3bn usd FY21.