Today is bonus communication day at DB and while there are no specifics to be had just yet, apparently those hoping their decision to do the bare minimum last year would be handsomely rewarded were in for a disappointment. Continue reading »
Germans
Some employees are preemptively miffed and, frankly, insulted.
“Deutsche bonus structure for Associates-Directors was revealed today:
*Up to eur50, all cash.
*Eur50-100, 70% deferred. Yes…
*Eur100+, 85% deferred.”
They’re willing to entertain an offer. Continue reading »
The Germans said this morning that 1) employees will face the ax if the “environment” doesn’t improve a-SAP 2) these cuts would be on top of those previously announced and 3) have you ever wondered why DB hasn’t had to announce that it’s letting go of 20 or 30 or 40,000 people? According to Stefan Krause it’s because the bank has been “proactive” about cutting staff, doing a little bit each day so it’s not overwhelming. Continue reading »
UBS invites you to get linguistic. Continue reading »
The bank isn’t hiring anyone at the moment and current CEO Oswald Gruebel has said he’s not leaving anytime soon but, naturally, they’d like to be prepared when the moment comes. Would you or someone you know be the right person for the job? Prerequisites for the gig include “the charisma to run a place like UBS” and being any nationality but German. Continue reading »
Anshu Jain is the head of Deutsche Bank’s Corporate & Investment Bank, sits on the management committee and oversees operations that produce upwards of 90 percent of the firm’s profits in any given quarter. He’s considered a “star” at DB and among those who follow his work and with CEO Josef Ackermann’s contract expiring in 2013, many believe AJ should be named the successor. According to portfolio manager (and shareholder) Lutz Roehmeyer, “Mr. Jain deserves to run Deutsche Bank” and if you ask BlackRock’s Larry Fink, he’ll tell you “Anshu has done a fantastic job…He would make a very good chief executive at Deutsche.” Unfortunately, there are a few problems, not the least of them being Germany’s need to examine its motives.
“In Germany, no one can imagine an Indian working in London who does not speak German being the C.E.O. of Deutsche Bank,” said Roehmeyer.
There’s also the matter of Ackermann seeing it as “his legacy to crown a successor in his own statesman-like mold — perhaps Axel A. Weber, the recently departed head of the German central bank” and the board being “wary of choosing a bond and derivatives technician at a time when the practices of all major banks are still being scrutinized.” Regardless, this is his time, this is his moment, and this is going to happen for AJ. Continue reading »
At a certain level workers and customers can “no longer be rewarded with money,” another industry insider says. But incentives outside the ordinary pay raise or bonus are not simply a question of hierarchy, event specialist Eisner says. The likelihood of such perks is higher for certain roles…Sexual incentives are a special cementing agent, and thus particularly interesting from a managerial perspective…Meanwhile corporate orgies have grown in popularity. There are agencies that specialize in organizing events similar to the Mannheimer International sex party in Budapest. [Spiegel via BI, earlier]
Last week it was reported that in 2007, executives with Munich Re subsidiary Ergo Versicherungsgruppe came up with the idea to throw a party for top performing sales executives at a bathhouse, featuring a bunch of prostitutes for their consumption. Because such events have the potential to devolve into mass chaos, with buyers and sellers running amok and no one knowing who’s down for what, the Germans had the bright idea to keep order via color-coding. Each hooker would wear an armband, with yellow indicating “available for sexual favors,” red indicating that she was a hostess and white indicating that she was “reserved for executives and top agents.” Additionally, the girls also received a “stamp” following each visit to one of the curtained canopied beds, so party-goers could know how many times she’d been “frequented.” When the story came out, a spokesman for the company said in a statement that incentive trips for successful salespeople “definitely don’t usually proceed the way it’s described.” Apparently he was just kidding because according to Ergo employees, that’s exactly how they “usually” proceed, and were going to keep proceeding, until someone had to go and ruin thing for the whole group. Continue reading »
Everyone here meet or beat their sales goals.
Yesterday it was reported that in 2007, executives with Munich Re subsidiary Ergo Versicherungsgruppe came up with the idea to throw a party for top performing sales executives at a bathhouse, featuring a bunch of prostitutes for their consumption. Perhaps having heard that gatherings like this can often devolve into chaos and confusion, or maybe it was just German fastidiousness, the organizers decided to color-code the event. Each hooker would wear an armband, with yellow indicating “available for sexual favors,” red indicating that she was a hostess and white indicating that she was “reserved for executives and top agents.” The girls also received a “stamp” following each visit to one of the curtained canopied beds, so party-goers could know how many times she’d been “frequented.” The story is just coming out now because supposedly very senior management only recently heard about it. Which apparently means that some people don’t keep up with the company newsletter, where a recounting of the event amazingly took place way back then. Continue reading »
Color-coded armband-organized. Continue reading »
