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]

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Comments (14)

  1. Posted by Guest | December 12, 2012 at 3:15 PM

    Thanks, Jon Shazar. Now what did you do to Bess?

  2. Posted by Guest | December 12, 2012 at 3:18 PM

    Im gonna go get zee papers get zee papers.
    -Hans two times

  3. Posted by Guest | December 12, 2012 at 3:40 PM

    Heh, heh, german bankers have no power.

  4. Posted by guest | December 12, 2012 at 4:13 PM

    Now they can go out and get a real f*cking job

  5. Posted by Tacobell | December 12, 2012 at 4:15 PM

    President does not raise the gas prices, it is regulated by the oil companies and traders.

  6. Posted by Guestmansam200an | December 12, 2012 at 4:19 PM

    DB employees that pee sitting down:

    1) Shazar, Jon

  7. Posted by Credit Agricole | December 12, 2012 at 4:20 PM

    Why must you Germans copy everything we do?

  8. Posted by PermaGuestII | December 12, 2012 at 4:32 PM

    English does not you speak.

  9. Posted by Guest | December 12, 2012 at 4:41 PM

    Some say that he is absolutely baffled by urinals… And that on reflection this was a bad week to launch his debut single (it's a tribute to Farrah Fawcett)

  10. Posted by guest | December 12, 2012 at 4:46 PM

    You can read, right? Than read all the posts by Bess today, yesterday, the day before, etc.

  11. Posted by Yoda | December 12, 2012 at 6:55 PM

    The butthurt is strong with this one.

  12. Posted by Real Yoda | December 12, 2012 at 10:04 PM

    With this one, strong is the butthurt.

  13. Posted by Swiss Hedge | December 13, 2012 at 9:37 AM

    A german joke is no laughing matter.

  14. Posted by Guest | December 13, 2012 at 5:38 PM

    Tags are wrong. Now I can't see all layoffs watches easily.