• 31 Jul 2012 at 10:25 AM

Layoffs Watch ’12: Deutsche Bank

The Germans thought about it and decided yes, layoffs sound like a great idea.

Deutsche Bank said it will eliminate 1,900 jobs, including 1,500 at the investment bank, as part of an effort to save 3 billion euros ($3.68 billion). Deutsche Bank, based in Frankfurt, forecast “substantial costs” to achieve the savings without giving a figure in a statement to the stock exchange today.

The job reductions are part of a strategy review Anshu Jain and Juergen Fitschen, Deutsche Bank’s new co-chief executive officers, are conducting as the lender grapples with declining revenue from the investment bank, which reported a 63 percent decline in second-quarter earnings today…“The time for vague promises of cultural change in our industry is long gone,” Jain said on a conference call with analysts and reporters. Deutsche Bank’s leaders are “totally determined to act quickly and decisively.”

Deutsche Bank To Cut 1,900 Jobs In Bid To Save EU3 Billion [Bloomberg]

40 comments (hidden to protect delicate sensibilities)
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Comments (40)

  1. Posted by derpies | July 31, 2012 at 10:38 AM

    more like douchebank

  2. Posted by El Guesto | July 31, 2012 at 10:45 AM

    Do they round them up in the conference room first, or how does that work?

  3. Posted by Guest | July 31, 2012 at 10:54 AM

    Not Cool.

    -L. Blankfein

  4. Posted by Guest | July 31, 2012 at 10:54 AM

    My condolences and please help yourself to some skunk cabbage on the way out.

    -DB HR

  5. Posted by The Truth | July 31, 2012 at 10:59 AM

    "The time for vague promises of earning our cost of capital have begun"

  6. Posted by Guest | July 31, 2012 at 11:00 AM

    More future Olympians!

  7. Posted by Indubitably | July 31, 2012 at 11:00 AM

    Having two CEOs is a great strategy!

    -RIMM

  8. Posted by Thinking Back | July 31, 2012 at 11:07 AM

    Given that some of the Deutschebank employees are getting screwed, what color wrist bands do the outplacement people wear?

  9. Posted by DBroach | July 31, 2012 at 11:17 AM

    if you're still employed congrats.
    something something N-I-BB-T.
    by the way bonuses still look bad despite lower costs.
    now get back to work.

    – Stern class of '13, DB Summer Associate, minutes-taker for 1-hour management pep-talk

  10. Posted by Guesto | July 31, 2012 at 11:22 AM

    “The time for vague promises of cultural change in our industry is long gone”

    So you're saying the switch from Bics to Paper-Mates WASN'T a huge success?!?!

  11. Posted by guest | July 31, 2012 at 11:23 AM

    *Ze Germans.

  12. Posted by pazzo83 | July 31, 2012 at 11:23 AM

    We'll take that EUR 3bn saved thank you very much!

    – Greece

  13. Posted by Guest | July 31, 2012 at 11:24 AM

    We agree!

    – The Republic of Rome

  14. Posted by Guest | July 31, 2012 at 11:28 AM

    Finally, I can get a BMW like everyone else in Greek government

    -Greek government janitor

  15. Posted by Newer Canaan | July 31, 2012 at 11:35 AM

    Worst comment since the last god damn zombie comment.

  16. Posted by pazzo83 | July 31, 2012 at 11:35 AM

    Let's take a walk…

    – J Caesar

  17. Posted by Guest | July 31, 2012 at 12:05 PM

    Worst comment since the this new fucking trend started…

    Dear Interns,

    Go the fuck back to school, drink precipitous amounts of alcohol and stop posting stupid fucking comments on DB. And yes I am Angry Bro

    – Angry Banker

  18. Posted by Guest | July 31, 2012 at 12:24 PM

    Anshu Jain looks like a tanned young Barney Frank without glasses in the pic

  19. Posted by guest | July 31, 2012 at 12:28 PM

    first to admit i don't follow IB quarterly announcements that closely, but holy fk – revenues down *sixty three percent*?! unless there are only about 1600 people working there I'd say 1500 layoffs seems light.

  20. Posted by Brutus | July 31, 2012 at 12:42 PM

    Right this way…..

  21. Posted by Guesteeculos | July 31, 2012 at 12:42 PM

    As long as there is a Desi running things, everything will turn up kulfi…

    A certain someone at the mighty "C"

  22. Posted by Mortimer | July 31, 2012 at 12:43 PM

    You don't understand! We don't want to be without exceptional talent when business comes back! It could be next week! Or next month! Turn those machines back on!

  23. Posted by Randolph | July 31, 2012 at 1:11 PM

    This is our bank, it belongs to us!

  24. Posted by Vorenus | July 31, 2012 at 1:12 PM

    THIRTEEN!

  25. Posted by guest | July 31, 2012 at 1:40 PM

    If you don't STFU, I'm going to engineer how to get laid off your mom.

  26. Posted by DB Insider | July 31, 2012 at 1:47 PM

    There is more fat & muscle that needs to be cut guys. There's just no other way.
    Deutsche Bank is being wayyy too conservative in their layoffs. In my estimation, at least *3,500-4,000* Investment Banking jobs *need to go*.
    Compared to their European counterparts — Credit Suisse, UBS & Barclays, Deutsche is not laying off nearly as many people.
    All that I've heard that is credible is that the IBD summer analyst class, less than 50%, are going to get full-time offers. And I've heard this from a Princeton student who was recruited to the program.
    Anshu & Jergen have a lot on their shoulders to prove within the first 2-3 quarters of them taking over. I *guarantee* you that another 1,000-1,500 investment banking layoffs willbe announced in the next quarter's earnings.
    The math simply does not add up. A total of 5,000 IBD jobs need to disappear from Deutsche Bank over the course of the next year, and Anshu / Jergen are just no doing enough.
    This is also keeping in mind the provisions that DB will eventually have to make for LIBOR-gate.
    The only solution is more, and much more, layoffs.

  27. Posted by Wall St. Dude | July 31, 2012 at 1:52 PM

    Glad to see you're in touch with analyst interns and appear to do plenty of "fundamental analysis" when coming to your layoff estimates.

  28. Posted by DB Insider | July 31, 2012 at 1:54 PM

    When there is not enough fundmental analysis to be done on equity issuances, IPOs, M&As or spin-offs, we are just left twiddling our thumbs, right Dude?

  29. Posted by CEO Rankings | July 31, 2012 at 1:57 PM

    After Jamie Dimon's fiasco, there is no denying the fact that Anshu JAIN is the BEST CEO of a financial firm in the world. Period.

  30. Posted by Walter Sobchak | July 31, 2012 at 1:59 PM

    Are you the Big Lebowski Dude, Dude?

  31. Posted by Donny | July 31, 2012 at 2:20 PM

    What's a pederast, Walter?

  32. Posted by Jack Horner | July 31, 2012 at 2:21 PM

    Fire Island summer of '76……sigh…

    – J. Travolta

  33. Posted by IsaacA | July 31, 2012 at 2:21 PM

    DB actually has a very good severance policy. Many of the cuts most likely will be comprised of VP & above as they will be looking to particularly reduce senior banker headcount. Its not the end of the world. For those that have put in their time at the bank and have 7,8, 10yrs +, you will get a nice package and be able to move on with the next phase of your professional career – hopefully it's something with a much better work/life balance, perhaps its something entrepreneurial & more fulfilling than working 60+ hours per week, commuting in many cases, and never getting any free time. Good luck to everyone!

  34. Posted by guest | July 31, 2012 at 2:35 PM

    Now I have the chance to pursue a career in urban bee keeping and make my very own artisanal cruelty free honey!!

  35. Posted by pmco | July 31, 2012 at 3:31 PM

    Mmm… that yellow thing coming out of my box… it's not honey,

  36. Posted by Gdawg | July 31, 2012 at 5:29 PM

    You're not getting a return offer.

  37. Posted by Gdawg | July 31, 2012 at 5:32 PM

    How are you the insider? Your "Princeton friend" is the insider.

  38. Posted by FormerBanker | August 1, 2012 at 8:23 AM

    People here must be drugged, it's not possible to maintain such an imbalanced view of things otherwise. I started my own business and make way more money than I ever did on wall st. Seriously, seriously, seriously brainwashed / tunnel vision tools…NOW GET BACK TO YOUR FUCKING CUBE!!!

  39. Posted by DB HR | August 1, 2012 at 8:29 AM

    Dear Stern '13 MBA who was minutes taker – not that difficult to figure out who you are.

  40. Posted by HFguy | August 1, 2012 at 9:22 AM

    Said the hooker to the junior analyst in GS…. but you know what that GS lady still keeps her dignity (for now)