Deutsche Bank

  • With co-CEOs, etc., there's no really satisfying picture for DB. Presumably this isn't Jain's fault.

    News

    Deutsche Bank Ignored Some “Losses” Until They Went Away

    Oh man, what is going on in this FT article? Here is the bottom line: […]

    / Dec 6, 2012 at 9:38 AM
  • News

    Deutsche Bank Executive Sought Counsel From Semi-Helpful LAPD Re: Bath Salts Prior To Ruthless Beating, Arrest

    “How long does this stuff stay in your system?”

    After he was badly injured in May by two LAPD officers, top Deutsche Bank executive Brian C. Mulligan alleged that police manufactured a report that painted him as a snarling, thrashing man who told the officers that he’d recently ingested drugs known as “bath salts.” But days before the May confrontation, Mulligan apparently told another officer in a different city a story similar to what appears in the LAPD report. He said he’d previously snorted “white lightning,” a type of bath salts, a synthetic drug, and believed that a helicopter had been trailing him, according to a Glendale police recording of the conversation. “I know this is gonna sound crazy, but I feel like there are people following me. I feel like there was a chopper, do you hear a chopper?” Mulligan said on the recording, which was obtained by The Times. “We don’t have a helicopter up in Glendale,” the officer replied.Officials with the Los Angeles Police Protective League, which represents LAPD officers, said the recording undercuts Mulligan’s version of his altercation with the LAPD officers, the subject of a $50-million claim he filed with the city, which is a precursor to a lawsuit…Mulligan alleged that the officers dragged him to a motel, threatened to kill him if he left and then, when they discovered he’d escaped, beat him so badly that he suffered 15 fractures to his nose and needed dozens of stitches.

    Mulligan said he felt “a little paranoid” during the sometimes-rambling, 11-minute exchange. He told the officer that he’d recently purchased some bath salts at local pot shops. Mulligan said he’d snorted bath salts at least 20 times but, as of that day, had not used any for roughly two weeks. “How long does this stuff stay in your…system, man, how’s it legal!” he said on the recording…The officer described bath salts as “a close relative of methamphetamine” and encouraged him to see a doctor or drug counselor. “I mean, my wife knows,” Mulligan said. “OK,” the officer replied, “you need to get on top of this before it gets on top of you.”

    ‘Paranoid’ bank exec told officer he used bath salts, police say [LA Times]
    Earlier: Deutsche Bank Managing Director, LAPD Not Yet Seeing Eye To Eye On Savage Beating “Incident”

    / Oct 15, 2012 at 5:56 PM
  • News

    UBS Encouraged Kweku Adoboli To Develop Other Interests Outside Rogue Trading, Which It Condoned, Says Lawyer/Old Boss

    Adoboli lawyer Charles Sherrard said the bank became “more aggressive in terms of its desire […]

    / Sep 20, 2012 at 2:05 PM
  • News

    Layoffs Watch ’12: Deutsche Bank

    The Germans are “going on a diet” that will involve a “painstaking, methodical, meticulous approach to boosting efficiency” and “very significantly streamlining” in the investment bank and no one, not even the people hiding out in Chicago are safe.

    “Yet more DB cuts: 3 directors, 1 managing director and 1 vp in Chicago last week.”

    [MarketWatch]

    / Sep 12, 2012 at 7:36 PM
  • News

    Deutsche Bank Had A Bunch Of Tough Good-Byes Today

    In addition to cuts in the Industrials; M&A; Real Estate, Gaming, Leisure & Lodging; and […]

    / Sep 10, 2012 at 6:22 PM
  • News

    Layoffs Watch ’12: Deutsche Bank

    Cuts are said to have gone down in DB IBD.

    From the front lines:

    “Yet another round of layoffs here (2nd / 3rd round in most groups). Following the same pattern of 2-3 per group to avoid big news. All levels affected. Another possible round coming before year end.”

    / Sep 10, 2012 at 1:03 PM
  • News

    Layoffs Watch ’12: Deutsche Bank Not Yet Finished Telling Employees To Hit The Bricks

    These things take time.

    Deutsche Bank is eliminating about 85 jobs at its Japan and Hong Kong equities units as Europe’s widening debt crisis curbs economic growth in Asia. The bank cut about 15 positions in Tokyo yesterday, and plans to tell 30 employees in equity research, sales and trading today that they will be dismissed, three people with knowledge of the matter said. The Frankfurt-based company trimmed 40 jobs in Hong Kong yesterday, according to another person, who asked not to be identified because the information is private.

    [Bloomberg]

    / Sep 5, 2012 at 2:47 PM
  • News

    Layoffs Watch ’12: Deutsche Bank

    The Germans are not yet done firing employees in Asia.

    Deutsche Bank fired around a third of the staff in its Asia equity derivatives business on Tuesday, as part of a global cost savings plan announced on July 31, according to sources familiar with the matter. Just over 20 people remain in the division, down from a number in the mid 30s, according to one source, as Deutsche Bank and others seek to cut costs in businesses that are failing to generate adequate revenues as the global economy slows. The bank let go five traders, four product structurers and at least one salesperson from the division, the sources said, adding that the numbers were not yet finalised because the discussions were continuing…These cuts follow on the heels of layoffs in June in Deutsche Bank’s Asian equities business, which like its counterparts at other firms globally has been struggling this summer due to slack trading volumes and a sharp decline in new share issuance.

    Deutsche Bank cuts a third of jobs in Asia equity derivs [Reuters]

    / Sep 4, 2012 at 1:44 PM
  • News

    Clawbacks Watch ’12: Deutsche Bank

    Those shares DB awarded you to make up for the ones you were leaving with your old employer? They’re going to need those back.

    Deutsche Bank has become the first global bank to introduce rules allowing it to strip staff of bonuses they earned at previous employers in the latest crackdown on pay. The largest European lender by assets has significantly tightened its bonus rules this year, enabling it to take back unvested shares that newly hired senior staff received in exchange for stock earned at another bank.

    The German banks’ stricter bonus rules, which came into force in January, apply to all new senior hires considered to be involved in the bank’s risk-taking, a spokesman said. These more than 1,300 “regulated employees“ include managing directors in the corporate and investment bank and members of the management committees of all other units. One recruitment expert warned the rule could make it harder for Deutsche Bank to attract senior talent as the potential job candidates might not be willing to put at risk stock earned at a previous bank.

    Deutsche Bank Turns Screws On Bonuses [FT]

    / Aug 27, 2012 at 10:57 AM
  • News

    Authorities Would Like To Add That Deutsche Bank Executive “Ruthlessly Beaten” By LAPD May Or May Not Have Been On “White Lightning” At The Time

    A couple weeks back, Deutsche Bank vice chairman and managing director Brian Mulligan filed a claim with the city of Los Angeles, letting people know he intended to sue for $50 million over an incident that took place involving the LAPD, which left the media banker with “a broken shoulder blade and 15 nasal fractures.” According to Mulligan, police officers abducted him from a street corner, drove him to a motel, told him to wait there for a few hours, and then beat him so “ruthlessly” he “barely looked human” when they were done. According the LAPD, several calls had been placed about a man in the area “trying to break into cars” that fit Mulligan’s description. They confronted the guy, who told them he was tired, which was why they drove him to the motel. He emerged hours later, started running through traffic, failed to heed their orders to get out of the street and assumed a “fighting stance,” hence the need to deal with him in an aggressive fashion. At the time, a spokesman for the LA County DA’s office said that there are no plans to file criminal charges and that the office would simply like to “have a discussion” with Mulligan to advise him on “how best to follow the law so that incidents like this don’t occur again.” Also, it’s possible he was experimenting with bath salts.

    The police report states that Mulligan was sweating profusely and walking with an unsteady gait when officers responded to reports that he was trying to break into cars in a Jack-in-the-Box parking lot. Mulligan told officers he was being chased and didn’t know why. He also stated that he had ingested “white lightning” and marijuana and that he had not slept for four days.

    Brian Mulligan On Bath Salts: Deutsche Bank Executive Said He Was On ‘White Lightning,’ Police Say [HP]
    Earlier: Deutsche Bank Managing Director, LAPD Not Yet Seeing Eye To Eye On Savage Beating “Incident”

    / Aug 23, 2012 at 5:44 PM
  • News

    Deutsche Bank Managing Director, LAPD Not Yet Seeing Eye To Eye On Savage Beating “Incident”

    Yesterday afternoon, Deutsche Bank vice chairman and managing director Brian Mulligan filed a claim with the city of Los Angeles, letting it be known that he plans on suing for $50 million, over an altercation with the LAPD that left Mulligan with “a broken shoulder blade and 15 nasal fractures.” According to the media banker, he was minding his own business one night in May, when a couple of officers approached him, asked him what he was doing in the vicinity of a marijuana dispensary, searched his car (where they found a few thousand dollars), drove him to a motel and told him to wait there. Several hours later, still waiting, Mulligan says he started to become suspicious and decided to leave, at which point the officers returned and “began ruthlessly beating him” so badly he “barely looked human” when they were done. If this had happened to you, you might be a little upset too! The LAPD, however, claims that Mulligan has no reason to be angry with them and, in fact, owes the officers an apology, for his “outburst of erratic behavior.”

    The police version begins with a complaint about a man going through cars in a Jack-in-the-Box in the Highland Park area, according to LAPD Officer Cleon Joseph. Moments later, a second call came from another person about a man in the same area who appeared to be on drugs and trying to break into cars…The officers determined Mulligan matched the description of the suspect, but a police drug recognition expert determined he was not under the influence of drugs. Joseph said he could not clarify whether that included alcohol. Officers then searched Mulligan’s car and found thousands of dollars, Joseph said. Mulligan told the officers that he was exhausted, so the officers agreed to transport him to a motel, Joseph said. But first, they had to count the executive’s cash to make sure it was all still there after they transported him to the hotel, Joseph explained. The officers gave Mulligan’s money back to him, drove him to the motel and left him, concluding their response, Joseph said.

    A few hours later, at about 1 a.m., police received another call from the same area, this time about a man running in traffic. Officers observed Mulligan in the street, Joseph said. He defied officers’ orders to get out of the street, and instead went into a fighting stance and charged at the officers, according to Joseph. Officers tackled Mulligan and took control of him, Joseph said. During the take-down, the executive sustained injuries that required hospitalization. Police reported the incident as a categorical use of force and are conducting a standard investigation to determine if the force was necessary. Mulligan was charged with resisting arrest and interfering with law enforcement. He was booked on $25,000 bail and was released from jail on May 18.

    Despite Mulligan acting in such a way that some people thought required “force” to deal with, a spokesman for the LA County DA’s office said that there are no plans to file criminal charges and that the office would simply like to “have a discussion with him and advise him on how best to follow the law so that incidents like this don’t occur again.”

    Brian Mulligan, Deutsche Bank Executive, Says He’ll Sue LAPD Alleging Captive Beating [HP]
    Deutsche Bank Top Hollywood Banker Claims Police Beating [Bloomberg]

    / Aug 15, 2012 at 12:51 PM
  • News

    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]

    / Jul 31, 2012 at 10:25 AM
  • You can't beat buddy-CEO pictures.

    Banks, News

    Deutsche Bank Won’t Let A Little Libor Manipulation Or Earnings Miss Slow It Down

    Deutsche Bank had two weird little bits of gun-jumping news today, one good(ish), one bad […]

    / Jul 24, 2012 at 4:59 PM
  • News

    Layoffs Watch ’12: Deutsche Bank

    The Germans are considering sending some bankers to live on a farm upstate, where there’s plenty of fresh air and room to run around.

    Europe’s biggest bank by assets, is considering cutting about 1,000 positions at its investment bank as revenue declines, according to a person with knowledge of the matter. The cuts will be mostly outside Germany, where the firm’s investment banking operations are focused, said the person, who asked not be identified as Deutsche Bank’s plan hasn’t been made public.

    [Bloomberg]

    / Jul 19, 2012 at 11:44 AM
  • News

    Banks Defend Against Libor Lawsuits By Asking “Libor? Who Uses Libor, Anyway?”

    It’s no surprise that more Liborneriness is coming to a bank near you; with Barclays […]

    / Jul 6, 2012 at 6:05 PM
  • News

    Layoffs Watch ’12: Asia

    The bad news is that Goldman Sachs, Deutsche Bank, UBS, and others have been making cuts and are expected to continue to do so. The good news is that not everybody is upset about it.

    Speaking to bankers and other industry sources, Reuters was able to confirm at least 50 people were let go in the past three weeks, a cull that includes senior expatriates as well as junior bankers. The cuts mainly target the equities business, with more layoffs expected in coming weeks. CLSA , Deutsche Bank, Goldman Sachs, and UBS were among the banks and brokerages that cut jobs, the sources said…The Asia cuts also come at an unexpected time, when expatriate finance professionals are preparing to hunker down for the summer while their families head home for the holiday. “I’m disappointed, but in some ways I’m glad I was cut early in this round, because everyone is looking over their shoulder,” said Cassandra Lister, who was recently let go as a managing director at Societe Generale in Hong Kong. “They’re looking around and wondering ‘Am I next?’ It’s a horrible work environment.”

    Asia’s Investment Banks Launch Round Of Job Cuts [Reuters]

    / Jun 25, 2012 at 11:44 AM
  • News

    Layoffs Watch ’12? Deutsche Bank?

    Mr. Jain, 49 years old, played a central role in building Deutsche Bank’s investment-banking business […]

    / May 31, 2012 at 6:05 PM
  • News

    Germans Still Not So Sure About This Anshu Jain Guy

    Tomorrow morning, Anshu Jain will start his new job as co-CEO of Deutsche Bank. Despite having previously overseen operations that produce 90 percent of the firm’s profits in any given quarter, sitting on the management committee, and generally being considered a “star” both within the company and among those who follow his work, chief executive officer is a title no one thought AJ would be given if he remained at DB, because 1) people back in Germany don’t like that he’s an investment banker and 2) “In Germany, no one can imagine an Indian working in London who does not speak German being CEO of Deutsche Bank.” To the haters’ chagrin, though, that’s exactly what’s about to happen. And if they want to continue bitching about it, they can be Jain’s guest– their insults go in one ear and out the other.

    While Mr. Jain has taken German lessons, he doesn’t speak the language, and Der Spiegel, the country’s best-selling weekly magazine, ran a 12-page cover story earlier this year laying much of the blame for Deutsche Bank’s troubles at Mr. Jain’s feet.

    Jain Takes The Reigns At Deutsche [WSJ]

    / May 31, 2012 at 6:02 PM
  • anshujainstory

    Banks, News

    Deustche Bank: You Say We’re Too Big To Fail Like It’s A Bad Thing

    Bloomberg has this sort of surreal article today about Deutsche Bank basically quoting a bunch […]

    / Mar 27, 2012 at 5:50 PM
  • News

    Deutsche Bank Is Not Above Shuffling a Few Pieces of Paper To Keep Nosy Regulators From Demanding $20bn in New Capital

    Two things always worth talking about are bank regulation and path dependency so here’s this […]

    / Mar 21, 2012 at 7:29 PM
  • Banks

    Deutsche Bank Treasures Its Reputation (For Making Economically Questionable Decisions) So Much That It Turned Down Free Money

    You may have heard that some shit is going down in Europe. This came as […]

    / Feb 7, 2012 at 3:03 PM
  • News

    Bonus Watch ’12: Deutsche Bank

    Today is bonus communication day at DB and while there are no specifics to be […]

    / Feb 7, 2012 at 2:50 PM
  • News

    Bonus Watch ’12: Deutsche Bankers Cannot Believe This Is Happening To Them

    Some employees are preemptively miffed and, frankly, insulted. “Deutsche bonus structure for Associates-Directors was revealed […]

    / Feb 3, 2012 at 6:02 PM
  • News

    When The Junior Analyst And The VP Disagree About The Model, Who Is Likely To Be Right?*

    Carrick Mollenkamp is a great reporter who currently owns one of my favorite niches: finding […]

    / Jan 19, 2012 at 6:40 PM
  • News

    Layoffs Watch ’12: Deutsche Bank

    Cuts are said to have gone down over the past two days.

    / Jan 18, 2012 at 6:56 PM
  • News

    Layoffs Watch ’12: Deutsche Bank

    Cuts started yesterday and apparently the fun is not over yet.

    / Jan 12, 2012 at 11:28 AM
  • News

    Who Wants To Buy Deutsche Bank’s Asset Management Business?

    They’re willing to entertain an offer.

    / Nov 22, 2011 at 2:29 PM
  • Drinks

    Wall Street Protests 2011: Snapple Guy Doesn’t Take Shit Or Prisoners

    As you may have heard, following the middle of night raid on Zuccotti Park by […]

    / Nov 18, 2011 at 1:57 PM