Layoffs At DB

By Bess Levin

The entire editorial staff of DealBreaker is being let go. Starting tomorrow, it’ll be written by Andrew Ross Sorkin.
On to another, even schlockier DB: Did a bunch of directors and VPs in Deutsche bank Lev Fin get laid off yesterday? Are cuts in industrials and consumer happening today? That’s what we’re told, though our tipster is French and still pissed about the Maginot line so who knows if he’s to be trusted. Biases aside, it would be a plausible solution to the German bank’s “profitability problem” for 2008.
Update: Deutsche Bank’s troubles are a pretty good indicator of how badly things are going for global finance. Last month, Deutsche Bank reported a 48 percent decline in fourth-quarter profits, but said it had no subprime write-downs. Got that? Deutsche Bank is suffering huge profit declines and (maybe) laying people off despite not being exposed to the subprime sludge its rivals and Wall Street competitors have all conveniently made their fall guy.

Comments (17)

  1. 1
    Posted by guest | March 26, 2008 at 12:13 PM

    Carney’s been what?
    Is it downsizing due to Dealbreaker’s subprime losses?

  2. 2
    Posted by guest | March 26, 2008 at 12:41 PM

    So that just leaves Dealbreaker running with the photoshop guy and the intern who makes the run to Starbucks and the liquor store, right?

  3. 3
    Posted by guest | March 26, 2008 at 12:42 PM

    Fool, without the editorial staff, they won’t need to go to the liquor store. Bye bye intern!

  4. 4
    Posted by guest | March 26, 2008 at 12:54 PM

    it was funnier before you changed it. but i’m sure you already know that.

  5. 5
    Posted by golden girl | March 26, 2008 at 1:12 PM

    @12:41 – Carney is the guy making the run to the liquor store.

  6. 6
    Posted by guest | March 26, 2008 at 1:13 PM

    @12:54– who’d u think changed it?

  7. 7
    Posted by guest | March 26, 2008 at 1:42 PM

    Citi just let go of their CMBS conduit. :-(

  8. 8
    Posted by guest | March 26, 2008 at 1:53 PM

    Are Dealbreaker’s funds also stuck in ARS? Is that why it can’t pay its writers anymore?

  9. 9
    Posted by guest | March 26, 2008 at 2:15 PM

    Sorry for being dense, but is this a joke?

  10. 10
    Posted by guest | March 26, 2008 at 2:19 PM

    @ Golden Girl, I thought Carney had people for that. You know, as a perq.

  11. 11
    Posted by guest | March 26, 2008 at 2:38 PM

    On a serious note…
    Can anyone confirm Deutsche’s layoffs? Sad story for the Citi CMBS conduit…thanks for the intel.

  12. 12
    Posted by guest | March 26, 2008 at 3:06 PM

    What do you mean by “Citi’s CMBS conduit” – they’re dropping their shelf? originators? new issue traders? secondary traders? Darrel Wheeler? Someone give up the details…

  13. 13
    Posted by guest | March 26, 2008 at 3:48 PM

    @ 1:42 I’m hearing it was just one trader – that’s hardly the whole operation. Where do you get your information.

  14. 14
    Posted by guest | March 26, 2008 at 6:20 PM

    As serious as things are on The Street right now…DealBreaker needs to start spending a bit more time vetting these rumors. And, if and when, more information becomes available there should be updates. In case they didn’t know…layoffs are the hottest story on the street.
    All this other shhh being posted is only short term distraction to take everyone’s mind off of the biggest issue.

  15. 15
    Posted by guest | March 26, 2008 at 6:22 PM

    Wait. Is this true? No more Bess starting tomorrow???

  16. 16
    Posted by guest | March 27, 2008 at 6:10 PM

    Citi’s in the middle of a RIF – a few gone, more to come.
    had a meeting with Darrel Wheeler the other day – guy can talk!

  17. 17
    Posted by guest | March 31, 2008 at 1:23 PM

    yup, DB just laid off a number of staff today. not sure which division tho.

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