Cap Intro at Deutsche Bank is apparently “in the process of being downsized to about 1/3 of its size right now.” No word on severance at the moment.
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Cap Intro at Deutsche Bank is apparently “in the process of being downsized to about 1/3 of its size right now.” No word on severance at the moment.
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Running out of cap to intro I suppose?
I am a DB. What is a Cap Intro?
like seriously who cares, pb is a joke and db is even a bigger joke
@4- “like seriously who cares”
how long have 14 yo girls been reading DB?
#4, would you care to explain further
that group was on its way down since Dyment left in August 07.
They also laid off ppl from DCM yesterday.
#7 Ok, so Dyment was Cap Intro, now what about your more sweeping generalizations?
Cap Intro???
#4……I sign if you put Dylan Ratigan on the list.
OK…everyone is going to get laid off. Unless you have your own business like I do. Yes, I am the owner of “Dog Mines”, a service-based contractor for dog spoor removal. “Dog Mines” is recession proof. There will always be a select few who seek to have that service regardless of economic conditions.
@11 – shutta you face Gasbag
Thank you Chris Schumway for taking Dimont (Schumways loss was DB’s gain) – after Dimont left DB cap intro got real and was a contenduh
@12 homo
Useless vague post.
i just got an email from one of my buddies; he was an ’07 yale grad. and just got shown the door. he was a 2nd year ibd analyst
Cap intro may be one of the most useless jobs on the street. You need 3 smokin hot chicks, thats it.
@16- yes, I suppose it would come off as vague if you don’t know what the terms “cap intro” “deutsche bank” “downsizing” and “1/3″ mean.
Jon Hitchon who heads prime brokerage has been doing a very good job. This downsizing has been long overdue; PB seemed to be a stepping stone for operations to get a taste of front office roles. Good riddance to those thick wide-boys.
#3 obviously has no clue, PB is a consistent revenue generator, probably the only profitable business left. Ask MS and GS how valuable PB is you knob.
Back in your cage. better yet venti iced latte, NOW dogboy
Is prime brokerage as a whole next?
Just got an email from a DB PB contact who’s been laid off.
#22 I tend to agree, PB is not very attractive to many but is consistently a profitable business. Only risk now is for a few more HF’s going to the wall and hitting that business
DB screwed themselves by not taking support from the govt. Stock has been hammered ever since.
No way you get rid of PB, it is a huge piece of the puzzle for all of these firms. Why do you think JPM got involved with bear? Generates profits in the billion dollar range for these places
#24, US or UK?
#26 Make sure to send him back because it has too much ice in it.
@29, HES obviously some back ofice j-off who has never worked on a reputable desk but tells all his guido pals he works on “the street”
My friend in VC/PE at another firm was just given the choice of a 40% pay cut or walking. He didn’t even bother to ask what severance was, he took the pay cut.
How will all of this affect my positions?
31 That’s more than fair. In this environment he’s a lot less productive/ useful than he used to be.
Updates from the db floor-
Most S&T firings were yesterday. Investmnt grade credit desk lost a few MDs in sales, couple of traders. Converts a few salesman, FX hit pretty hard. A few equity desks lost both sales and trading, from associate level to MD. Couple of analysts. High yield/distressed lost 3 or 4 mid to junior level traders and a salesman. Dcm and repo took hits but not sure of numbers. pRop desk supposedly getting crushed. More to come today in PB and IBD, not sure of anything on lev fin, hearing might be safe till January but that info is not confirmed
@31: is this a big firm or a small one? Yikes if that spreads….
@19 Bess for. The. WIN!
Does PB stand for Peanut Butter?
Ill be downtown tonight picking off upset DB female casualties like it is my job. Like shooting fish in a barrel
What is wrong with Dylan Ratigan? I think he is funny.
@35, boutique
@38: wow, classy.
Jon Hitchon couldn’t balance his own checkbook.
i interned at DB up until in 2007. I will always remember that one arrogant trader on the equities desk with about 7 screens yelling and cursing all day. I hope he got the chop!
Sorry 41, was i offensive? Too bad, i have been picking off causalties at every firm, Citi, LEH, GS, etc. Im like a human TARP for these skells
Hitchon is a Kevin Parker wannabe
@38 That is a terrific strategy
boaz gonzo yet?
#44
Do you like the young boys or the mature men?
homo
@48, you wreak of jealousy and back office
grief is nature’s most powerful aphrodisiac – look it up
#44 = Mooreclops
38 & 44 Win
Distressed Pussy Asset Management is absolutely killing it
# 49
I don’t prey on boys.
I still think that small minds & small dicks, big mouths and small paychecks result from small egos trying to compensate (for small dicks & tons of bullshit).
@53:
Just shut up. You’re making the Edward Jones custodial staff look even worse.
@38 tell us how
#54
Read closly little dick-Edward Jones custodians will still have jobs while you are driving a yellow cab…
@ 53.. stop being an ass clown all your life..
#57
OK, I’ll just be one all of your life!!!
a lot of frustrated jobless losers here.
@55, its real easy. Booze, and lots of it. Then she starts feelin a bit sad because she realizes that she is gonna be broke, then Bingo! yo uare in like flynn. @58 is just a tool, he probably works at Charles Schwab inretail operations or some nowhere job like that
38/whichever else probably trades through Charles Schwab.
59,
Bankers never get laid…its sad
@20, Jon, it is kinda weird to write about yourself in the 3rd person. Ponce.
hey #5
Wow are you blind, I was actually #3, not #4, you must be former employee of a second rate boutique…which one?
hey #5
Wow are you blind, I was actually #3, not #4, you must be former employee of a second rate boutique…which one?
hey 21, 25, and 26
you’re an idiot, PB only makes money for banks if you can lend to hedge funds. If you can’t do that you can’t make shit. You see a lot of lending going on? Why don’t you actually do some research before you make such a moronic claim. Yeah, the Subprime CDO business used to be great as well, how’s that been working out? jackass…
#66 i hope your settlement skills are still useful in operations as you will never make the FO! PB has a broader role in the model that covers cash & equity finance and a huge portion of their income derives from div trades. HF’s going short need to source stock and guess who comes in and charges a fee? What about divs? Now go fetch some coffee bitch!!
Wideclops will catch up with you soon if she hasn’t already
#25 watch their risk group get destroyed in the coming months
I’m a McKinsey consultant. My team just advised the senior management at DB to trim the front office by 60% to stay competitive.
Hitchon and his crew at DB rode the HF boom and will now get ridden by the bust.
i use to drink at the ‘Corney & Barrow’ and ‘The Gallery’ by Old Broad Street on a thursday and friday. Those places were rammed with DB workers; it seems you can get served quicker now and with this latest round of culling local businesses are getting hit hard
69 – You don’t work for McKinsey.
PB will survive. Banks had already started moving to a low-risk, fee generated model for most of its businesses following the last busts in 98 thru dotcom. The most recent bull market caused the banks to lose discipline like everyone else from the biggest hedge fund to retirement set day trader. That’s the reason why the prop desks got caned first.
I’m a Bain consultant. I just advised McKinsey to trim their mangement consultants by 90% to remain solvent.
I believe DB follows the old motto “Arbeit Macht Frei”.
Any business that keeps BB from blowing up hedge fund #3 is probably a service to the finance industry. Yay DB PB!
Any business that keeps BB from blowing up hedge fund #3 is probably a service to the finance industry. Yay DB PB!
i know of a few MDs that got the chop in the equity structured products group this week. OTC structured products got cut back hard and the flagship equity derivatives group also took a beating.
No one is safe with the axe swinging everywhere.
#67, settlement skills? back office? I am in IB, I don’t even know what you are referring to…
“PB has a broader role in the model”? Wait let me guess you must work in PB and you are actually drinking the crappy cool aide? I feel sorry for you…
Lets run down your list…
-That covers cash & equity finance and a huge portion of their income derives from div trades. —Actually this would fall under Structured Equities not PB..PB is Cap Intro, Sales, Sec Lending, Risk, Consulting, etc. I lot of banks market their “equity finance” business with pb, but it is not actually part of PB.
-HF’s going short need to source stock and guess who comes in and charges a fee? — Sec lending desk only makes money on hard to borrows and with the ban on short selling the lasted quite a while, stock loan really took it in the butt, just like you…and their troubles will continue
-Now go fetch some coffee bitch!! — Sure, I’ll tell you what, I’ll even pay for your coffee seeing as how I still have a job and you probably don’t. I want to make sure you are ready to go for your next meeting with Glocap or Michael Page
-Wideclops will catch up with you soon if she hasn’t already — Don’t work at MS so I think I’ll be fine..she was the one who showed you the door huh? Sorry to hear.
In closing, what you failed to site was that first and foremost, PBs make THE MAJORITY their money off debits; which are dwindling…
@79
I doubt someone in IB has such atrocious grammar.
- Grammar Police from Delaware
80, it’s a blog calm down guy…
Agreed, it would appear that 67 is in fact the guy my TA calls to settle my trades…DK or AK?
Joe the Trader
@ 79
Your post isn’t full of typos, it is full of examples of your lack of grammar.
“Cool aide”? Try Kool Aid.
“I lot of banks”? On my keyboard, the I key is nowhere near the A key, so well done my friend.
“Failed to site”? The word you are looking for is “cite”. You sure you work in IB? You are giving us a bad name.
83 since your not md and I don’t answer to you, there is really no reason for me to give two shits about my grammar on a blog…81 thank you
@84
Another youtube turd who uses “your” instead of “you’re”
Hitchon is a co-head, correct?
it’s a blog, not an executive summary tool
@86 yes. Hitchon was co-head with rich carson, who resigned recently after deriveatives blew up.
I hear today that the axe has been swinging down at the DB Moscow brokerage, with 30% cuts.
Anyone got insight to layoff package?
DB has stated that they will reduce their b/s by $600 billion to get leverage ratios somewhat reasonable. You can’t expect a product like PB to do well in that environment.
Barry Basauno is a God among men. Though he let me go nearly a year ago from his sales desk, I learned a great deal from him and pine for him nightly. Long live the king. -The Scotsman
Barry Basauno is a God among men. Though he let me go nearly a year ago from his sales desk, I learned a great deal from him and pine for him nightly. Long live the king. -The Scotsman
#90/91, stop the knob sucking! He’s no god!!!! To him you’re just a ‘piece of shit’ and he’ll continue to bang your wife
Scott?
(loud bang)
Jon? Joooonnnn? nooooooooo!
21, 25, 26, and 66 How was the coffee?
@ 75 that’s fucked up man….got to hell you insensitive bastard
I’ve been in Hitchon’s office during some of his more childish temper tantrums. He is no leader. He has good credentials but is just another jerk-off that is part of DB’s management profile. They give ass suckers positions/power in the organization which then only mucks things up.
They should just fold Prime Services.
-TheInsider
#97 I’ve met Jon a few times when he visits our office. I think he needs a better taylor to get his suits in order. He looks a messy b’stard
He’s a nice chap though!!
Jon is nice until you take his teething ring away from him. He should be sent back across the pond where they can surgically remove the large stick that is up his ass.