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Our German friends are issuing walking papers to a whole bunch of Houston-based power and gas traders, part of cuts that have also claimed the bank’s commodities chief. More than 50 jobs are being cut.
Deutsche Bank will make steep staff cuts at its U.S. and European power and gas trading desks, with the departures of dozens of traders and its global head of commodities, David Silbert.
Several sources close to the situation said on Wednesday the bank was shrinking the workforce as part of an earlier announced plan to chop 1,500 positions in corporate banking. Cuts on the power desk will be the steepest in the commodities division, they added.
The cuts will also affect a few traders in Europe.
Separately, and much more ceremonially than Silbert, the longtime head of the Chicago Board Options Exchange is taking his bows. William Brodsky has led the CBOE for 16 years, taking the bourse public two-and-a-half years ago. He’ll be replaced by CBOE veteran Edward Tilly, current the CBOE’s president and COO, in May.
Deutsche commodities head to leave, power desk hit hard [Reuters]
Deutsche Bank Said to Pare U.S. Commodities as Silbert Exits [Bloomberg]
CBOE Holdings CEO Brodsky to step down in May [Chicago Tribune]
CBOE’s Brodsky to Step Down After 16 Years, Tilly Named CEO [Bloomberg]