The Purge Expands: Deutsche Bank Planning To Fire Up To 20% Of US Workers

Two weeks after Deutsche Bank wasted no time at all to lay off 400 US bankers, or roughly 10% of total, as the bank's post-disastrous earnings purge began, today the purge is accelerating and according to Bloomberg, the biggest European bank is considering a sweeping restructuring, a less scary phrase than "mass termination" in the U.S. "that could result in cutting about 20% of staff in the region" although Bloomberg caveats that the as a formal decision has not yet been made, the total figure may end up lower.

Some more details from Bloomberg:

Deutsche Bank isn’t targeting a specific level of cuts at the U.S. unit and the final figure will depend on each business line’s decisions, according to another person briefed on the matter. The company had about 10,300 employees in the U.S. at the end of 2017, or about a tenth of its global workforce.

The news follows an earlier report that Deutsche Bank’s Barry Bausano, a senior banker in charge of overseeing the company's relations with hedge fund clients, was leaving as the firm shakes up its U.S. operations.

When Bloomberg asked the bank about its mass termination plans, bank spokesman Joerg Eigendorf said “There are no such plans," although considering the billions Deutsche has spent on rigging and manipulation, they may be excused if they are not seen as exactly credible.

Separately, Bloomberg also reports that under its new CEO, Christian Sewing, Deutsche Bank is considering cuts to businesses including prime brokerage, rates and repo,according to a bank statement last month and people familiar with the matter. As reported previously, the firm is already planning to close an office in Houston and shrink its presence in New York City, moving from Wall Street to a midtown Manhattan space that’s 30 percent smaller.

Comments

NoDebt Bitchface-KILLAH Tue, 05/08/2018 - 15:12 Permalink

"When Bloomberg asked the bank about its mass termination plans, bank spokesman Joerg Eigendorf said “There are no such plans,"

The word "decimate" originally meant to lose 1 in 10 soldiers (10%).  In modern times it is often used to imply a far higher percentage of loss.  Though not specified or defined to the best of my knowlege, typically more than half.  It gets messy because the meaning of words moves around.

Soooo, to the subject at hand.... if 20% isn't a "mass termination" what percentage would be?  All of them?  80%?  40%?

I find language confusing, especially when spoken by corporate shills, lawyers and other assorted liars.

 

In reply to by Bitchface-KILLAH

Handful of Dust A Sentinel Tue, 05/08/2018 - 16:33 Permalink

Fire thousands of workers is ok since Obama already created millions of shovel ready jobs for them.

Too bad all these Obama-jobs are in China!

 

As far as the meaning of the word, "decimate," it will mean different things to different people.

For example, if you are the one being decimated, the meaning will be different for you then for the person doing the decimation.

One thing is a fact; Obama decimated millions of jobs in the United States during his 8 year rampage.

In reply to by A Sentinel

GunnerySgtHartman Tue, 05/08/2018 - 15:06 Permalink

DooshBank is starting to remind me of someone suffering from gangrene ... doesn't matter how many body parts you cut off to stop the rotting, you never get it all and it continues to spread.  Not that I'm complaining.

Anyone want to guess when DooshBank will either get bought out or die outright?

Aliens-R-Us Tue, 05/08/2018 - 15:13 Permalink

Who gives a fuck?  Name one bank employee, other than the janitor, who did a days worth of work?  They could cut 65% and not skip a beat, mainframes do all the work while the upper brass chases skirts all day.

Fred Hayek Tue, 05/08/2018 - 15:18 Permalink

That's not fair!

They're highly paid and provide no benefit to the economy, just like the great majority of financy boys.  Are we suddenly applying real world standards to the finance world?!?

wachtamrhein Tue, 05/08/2018 - 15:48 Permalink

Deutsche Bank was never profitable in the US. It was high time for this step... No reason for whining. P.S. Thank you for the US tax dollars to keep this badly managed company alive in 2008.

Balance-Sheet Tue, 05/08/2018 - 16:48 Permalink

Simply separate the various banking functions as services involving the manipulation of symbols according to some set of rules from the idea of human employees at all.  If these functions can be done more reliably and at less cost with machines then they will be done by machines.  Employees commit offences that result in staggering fines as part of their compensation packages.  DB and all others should be aiming at a 50% staffing reduction from current levels with clients being pushed into online services or no services.  In a cash free economy bank employees will have nothing to do.

In.Sip.ient Tue, 05/08/2018 - 17:12 Permalink

DB is leaving the USA?

 

Perhaps this gives us some idea where the EU is headed

on the Iran deal???  EU financials might want to exit

the US if the EU continues to uphold their end of the deal.

Afterall, why stick around to get "sanctioned"?

 

Of course, US sanctions won't mean dick if that happens...

 

This is more likely bullish for Shanghai than it is for NYC.

 

east of eden Tue, 05/08/2018 - 19:06 Permalink

So, let's see what the Orange Julius has accomplished, so far.

He has blamed Mexico, China, Canada, Germany, France (all of the UK really), Russia, Ecuador, Venezuela, North Korea, Syria, Iraq, Iran and Antarctica.

Is there any country you fucking American's DON'T BLAME FOR YOUR OWN STUPIDITY?

Solio Tue, 05/08/2018 - 21:01 Permalink

The system must have more Super Grand Masters to handle all of those digital ones and zeros. It's for the sheeple or the children or sumpin.