Comments (9)

 
Jul 8, 2019 - 10:34am

Depends on the group. Equity S&T assets (and people) are likely to be sold off, not disappear. From there people will probably be offered severance based on seniority (cost), and any top performers will be kept on as part of the buyer's firm. Make no mistake, there will be layoffs post-transaction just based on synergies.

M&A analysts probably won't be affected much. DB still plans to do advisory and underwriting work for clients, however they may get fewer assignments since DB won't be able to provide all the services (market making) other banks can.

 
Jul 8, 2019 - 12:31pm

If they haven't announced anything, your guess is as good as mine. I think traditional IB (M&A/Coverage) will be ok. They have said they're going to continue their Lev-Fin work and Currency Trading, so it sounds like a pullback from Equities and Derivatives, not a complete exit from their IB business. But as I said previously, they could get fewer mandates if they're not cross-selling as many services so the IBD could shrink over the medium-to long-term.

As far as S&T generally, there are going to be fewer jobs going forward, especially for non-quant roles. If you don't build software and don't understand statistics, I personally believe you will have a hard time sticking around in 5-10 years, and it's going to be difficult to transition to something else because of the fairly narrow skillset: exit ops from S&T include trading at another bank, trading at a hedge fund, and not much else without finding a way to seriously rebrand yourself. I would strongly advise any non-quant trying to get into S&T to seriously reconsider those plans. Even if you have the quant skills, there will be fewer roles since computers can do exponentially more than humans, so you're gonna have to be really good.

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