Thread regarding Deutsche Bank layoffs

June 2018 Layoffs (USA)

I see there is a thread for London below, we may as well start one for The NYC and other USA locations. Frankly, nothing more to add aside from what's been covered in the media all day - there is a ton of post on social media as well so this may be a bit redundant - yet, for archiving purposes here it goes anyway

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Post ID: @OP+ZWAr9zt

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who could have predicted this would happen with DB 15 years ago...

Post ID: @1mhi+ZWAr9zt

M&A analysts 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 other banks can.

Equity S&T, both people and assets, will be disposed but will not completely disappear.

From there people will 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 deep layoffs post-transaction just based on synergies.

Post ID: @tkm+ZWAr9zt

How does massive redundancy impact the bank's legendary leverage and derivatives exposure?

Or, does it at all?

Post ID: @pxd+ZWAr9zt

If you are laid off by DB in Cary, NC reach out to Lauren Ohnesorge at Biz Journals as she has the list of companies that are currently hiring - she just ran a news piece on the topic and the economy looks healthy for people on the the IT side. If you are in Finance/IB, things are not as as rosy.

Post ID: @pgl+ZWAr9zt

From NYT:


The day started with a phone call and a meeting with HR. We were informed that our jobs have become redundant and handed over our letters and given approximately a month's salary and have been asked to leave. Our systems have been taken and we can't log in and have been asked to vacate the premises by 0730 GMT


The mood inside is pretty gloomy. People are being called in individually into the conference rooms with a couple of rounds of chats with HR, who will give you this packet then and you are out of the building. Even those who are staying back don't think it's the turning point for the bank. Who wants to go into a bad bank just to wind down the businesses? So more people will leave when they get the opportunity. Personally, I think they (management) have taken a very shortsighted decision: Equities is a cyclical business and it's not like DB was the only bank not making any money in this," said one equities trader who had worked at Deutsche Bank for six years.


Our ECM business has to be scaled back but it's not like everything will happen in one day. This is not like what StanChart did to its equities business. We are not going to be giving up our live deals. But the biggest question for us is where do we go from here if we don't offer the whole suite of products? Will clients stick with us or is the game over?" said a Singapore banker who remains in his job.


"very frustrating because they got rid of the whole of the equities business that supports us in corporate finance. But it's part of the industry - equities businesses have been challenged everywhere. We need to stop and think now what our business model is without an equities business. Is it strategic advice? Or is it leveraged financing? It seems to me that's the natural direction now," said a senior Australian corporate finance banker.

Post ID: @yre+ZWAr9zt

Bankers Trust was a major mistake. Now, they've got the pay the piper

I am perplexed that they are still keeping the exec lineup

Post ID: @evp+ZWAr9zt

Grip challenge video posted by Corporate Communications today - this is not a joke, it's not a meme - they actually posted a grip challenge video (there is a rope and you'll try to hang on without losing your grip as long as you can - at some point you will lose the grip and you are effectively cut)

There you go:

Post ID: @srz+ZWAr9zt

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