The good news is that Dresdner Kleiwort-hogs will get their bonuses before Christmas this year, instead of bank’s usual practice of waiting until March. The bad news was up in the headline above.
The job losses, which will affect up to 125 staff across the operation’s divisions, are part of its annual performance review. They will affect all grades of staff and all departments. Similar exercises are being carried out at the bank’s other centres in what sources called a “global exercise”.
Dresdner Kleinwort had said in June that it was planning job cuts as part of a cost-cutting drive to reduce its high cost-income ratio, which reached 90 per cent in 2005.
The atmosphere at the bank is thought to have been strained due to the cuts, which focus on individuals judged to have been performing.
The worst news: somewhere at least one of our readers is thinking, “Why do I care about operations people?”
Dresdner Kleinwort to axe 125 London staff [The Independent]
the point about the dresdner bonus issue (which the independent missed) is that allthough front office is getting paid earlier, back office isn’t. so the front office is getting fired, and the back/middle office are getting advised and paid bonuses weeks later. everyone is happy – not!
don’t vorry, once vee make the operashuns people non-necessary, we make the traders and bankers non-necessary … just need a computer and code and goodbye!