The tip of the iceberg - going forward, they will have to manage the headcount much more aggressively...
this is not just Deutsche Bank - it's across the board, GS had layoffs last week on the IB side as well. you can continue to pretend that 'all is good' when in fact there is a structural adjustment happening on the IB side...
Deutsche Bank is to cut up to 500 investment banking jobs with 250 initially earmarked to go, according to a person close to the situation.
Yep, you've heard it well - 500 layoffs...
Earlier this month IFR reported that the institution had started to make selective cuts in the UK, identifying Jonathan Gold, co-head of financial institutions origination for Europe, Middle East and Africa, as being at risk of redundancy.
Now, some superstars are being sacked as well
On Monday a report by Bloomberg named other individuals: Marc Benton, head of European energy investment banking; Evans Haji-Touma, who advised sovereign wealth and public pension funds; and Andrew Tusa, co-head of UK corporate broking.
And a disclaimer, we keep all secret:
The person confirmed that these names were also at risk. The three people couldn't immediately be reached for comment.
Europe suffers the most
There have also been cuts outside Europe. Last week IFR reported that Paul Saltzman, US head of global transaction banking, was to leave the bank in March. And on Feb. 6 Deutsche confirmed that Mohamed Atmani, head of financial sponsors for Asia-Pacific, would leave the bank.
And yes, always Birmingham
Other cuts are expected in Deutsche's debt capital markets business in Birmingham.
Or just see it for yourself here:
https://www.cnbc.com/2018/02/19/deutsche-bank-to-cut-at-least-250-investment-banking-jobs-report.html