According to a reader, Deutsche seems to have confused a weekly pay scale with a bi-weekly payscale for part of its intern program and are now sending "oops" emails to prospectives:
Deutsche bank has downwardly revised** its compensation package for its summer analysts for the second time in the past week, despite having already signed offers for the entire class. Originally, compensation was set at $2500 per two weeks, for 40 hours per week, and any time above that was paid overtime (time and a half for 8-12 hours/day, and double time for 12+hours per day). This meant that college students working at the bank would be able to make over $30,000 during the 10 week program, assuming they worked the 80-hour standard IB workweek. On Saturday, two months after signing their initial contracts, the bank fedex-ed the class new contracts, stipulating that they would pay fixed salaries of $2,500 per week, or $25,000 for the summer. While less attractive, it was still a dramatically better pay package than the rest of wall street, an issue that many members of the class factored in when accepting their initial offers. Today, they emailed the class, stating that the $2,500 per week was a mistake, and that they would be reducing our salaries to $2,500 per two weeks. While the final offer is certainly better than working at the Gap, it still seems unethical, given the fact that several members of the class rejected offers at hedge funds and other organizations at least partially on the basis of DB's ridiculously high compensation for interns. Additionally, it places those analysts who signed summer apartment leases based on their recommendation of spending about 30% of your salary on housing" in an uncomfortable situation. They may want to think about how this makes them look as an employer to those prospective full-timers they are trying to court
Anyone else experiencing this?
In the meantime, we suppose the affected analysts could make like JPMorgan interns and start their own blog...
** "Downwardly revised" its compensation package? Next time we fire someone, we're just going to tell them they're being "de-listed."