Is Deutsche Bank really that bad? (NYC)
Hello everyone,
I was wondering why people criticize DB so much, I mean they are still a BB and recognized almost everywhere, I was wondering if you could tell me some good/bad things about DB. Would you accept an offer from them? Also, what % of their intern class receives full-time offers in IBD? Thanks in advance.
There are 2 kinds of people in this forum. Actual bankers, and people who are applying and trying to be bankers. Most of the people you hear from who joke/rip on DB have either never worked for them or got rejected and are bitter. Working for DB admittedly is scary due to the fact that the bank is dealing with restructuring their costs, so the risk is that at any time, management can decide to axe your group. I personally have had no problems thus far working in IBD.
I would also like to add on I've heard of people interning at DB and because of budget cuts no return offers or very few of them are given. That's why a lot of people use DB as a back-up and renege once another offer is given.
Heard the opposite. Pretty high offer rates, although London. No clue about NYC.
Yes DB is still a BB, there's really no other way to categorize the bank. But how much is the BB brand worth nowadays? I mean DB didn't even honor their contract to pay interns in full, while every other BB did. Seems like the bank is undergoing extreme cost-cutting measures for NA. Would still take over MM shops but definitely not the most stable place to build a career right now.
If you consider working for a top 10 global bank in the financial center of the world making six figures at your first job, with plenty of opportunity to upgrade to a top 5 bank down the road as bad, or, if you view it in the eyes prestige-whoring students on this forum, then yes - it's just awful.
And no, I don't work at DB
RBC not BB, DB is BB
RBC sucks
All the people shitting on DB on here just show how many people on this site have never actually worked an IB job. Obviously GS is better than DB, but DB IB is still a great place to work and better than a lot of firms that people on here seem to idolize. Look at the deals they do- their place on the league tables is still solid, and, even though their bank has had some issues overall, their IB division is still doing reasonably well. Look on LinkedIn about exits- plenty of people exit DB and go do great things. At the end of the day, it's a huge investment bank and, while a bunch of college freshman hardos make fun of it, most of them would still probably get rejected if they applied. And no, before everyone says it, I don't work there (actually got rejected from DB even though I'm at a 'better' bank now)
It's like the Cornell of the Ivy League. Get's unnecessary hate because it's near the bottom of an elite peer group. That said, there are only a few schools that many will take over Cornell. Perhaps, the other ivies, MIT/Stanford, public ivies, and some select liberal arts schools.
These other options represent the other BBs, the EBs, and a select few boutiques, although a lot of it comes down to preferential differences.
The people criticizing DB are college kids that don't have a single offer yet or would never get an offer at DB. You should always cast a wide net and never think that you're too good for a bank. The reality is that you're not. Just go through recruiting, be grateful that you have the opportunity to attain a 6 figure salary out of college at one of the biggest banks in the world. Once you have offers, you can start comparing and criticizing. Otherwise, you're a wannabe.
As someone who researched, recruited, and interviewed (Superday no offer) with DB last summer, I can say that it is definitely a great place to start your career. Although their restructuring has a long way to go, the Analysts and Associates I met during the process were incredibly humble, kind, and respectful. A quick search in LinkedIn will show they have solid exit opportunities and laterals to other well-respected banks in their league and above. Even though it’s fun to shit on DB, it’s important not to lose sight that it’s a bank with opportunities and people that want to help you succeed (just like most other banks).
As other posters say DB is still a great place to work/name to have on your CV. In reality if you’re starting out as an analyst now in the context of your career it won’t make a difference whether you work at DB/MS/GS etc.
For me personally what I’ve noticed is a “brain drain” from DB in the last couple of years. First of all, I can only speak to the DB team I’ve worked with on previous deals - a lot of very smart guys I knew there suddenly left very quickly when the new CEO made his “no bonus” announcement. However this is only one team so no idea if it’s reflective of the wider bank as a whole.
Secondly, the brain drain was really mid to senior-level people - ie VPs, MDs etc. As from memory the no-bonus rule only applied to VP and above - so analysts and associates were unaffected. So like I said it won’t affect you anyway if you’re working there as an analyst.
I have to say that of the VPs and MDs in that team who are still there, I get the impression they stayed there because either a) they couldn’t get hired anywhere else for the same salary, and/or b) they were entrenched with a lot of unvested share options. To be clear these are still obviously very smart/capable guys, but it’s fair to say that a lot of the “best and the brightest” VPs and above seemed to jump ship.
Like I said, this is just my view on one single team in a (huge) bank. Also trust me no-one is going to look down on you for working there - they are still a major IB force to be reckoned with. Thirdly, as an analyst/associate you shouldn’t be impacted by any of the comp cuts they introduced (if that bonus-reduction stuff for VPs and above is still going on, not sure)