News after reported net profits for Q1 fell by 79%, will be focusing IB efforts on core European client base:
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Wonder how this will hit the Corporate Finance arm (DB's investment banking group)
Seems a majority of cuts are in S&T and areas supporting them. Would appreciae any insight into how people expect it to impact coverage bankers as well as dcm, ecm, ldcm, lev fin, M&A
"Deutsche Bank will focus its Corporate Finance business on industries and segments which either align with its core European client base or link to underwriting and financing products in which it enjoys a leadership position. Commitment to sectors in the US and Asia, in which cross-border activity is limited, will be reduced. The bank will remain committed to offering global industry expertise to corporates, financial institutions and financial sponsors whose activities are closely aligned with the strengths of the German and European economies."
That is a quote from DB's press today which means CF is directly affected, not just S&T, in both US and Asia.
Which industries will survive the headcount reduction?
I'd guess FIG, Healthcare, Fin Sponsors, and Tech. Would love some more opinions.
DB US is fucked. RIP.
Fixed.
Curious how other banks will play into this. Who will take over their US clients (and bankers)?
good thought - i'd say banks that are trying to rapidly grow, so possibly RBC or WF
Bankers are already looking for jobs elsewhere and will likely just take their clients with them.
S&T falls within their "CIB" or Corporate Investment Banking division per their earnings, which is slated to get the cuts. Looking at the financials, S&T has been losing the most revenue, but don't know how the costs align with the revenue. S&T is going to get hit hard, but will be interesting to see how much they abandon IB in the US as a whole.
Per their announcement, they're also pulling out of advisory functions that focus solely on US or Asian company's. They will continue supporting multinationals and European firms.
Starting in DB Corporate Finance as a 2018 analyst this year. Am I fucked? Do banks ever fire analysts/rescind graduate offers if they restructure or will it mainly affect the senior guys?
You should be safe unless they pull out of your group entirely.
This is bad advice.
If the senior guys from your team are let go, what use are the analysts? You either will get reassigned to a different team if spaces are available or let go.
I would request coffee chats / calls with analysts in your group, if you have been placed. They usually have all dirt / insider info. Alternatively if you have not been placed, I would express cautious concern / raise this issue with HR.
Nothing worse than slowing marching to your inevitable death and not taking action.
Which product / coverage group are you joining?
I'm surprised there's no insight from people who interned at DB or are analysts there...there seemed to be people for Moelis. Nobody from a DB that has more people?
DB Closing their Houston office. Significant cuts to the Oil & Gas Franchise.
Confirmed on that - DB Houston resume books circulating. Someone told me they were exiting oil and gas globally.
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