Layoffs At DB

Author:
Publish date:

The entire editorial staff of DealBreaker is being let go. Starting tomorrow, it’ll be written by Andrew Ross Sorkin.
On to another, even schlockier DB: Did a bunch of directors and VPs in Deutsche bank Lev Fin get laid off yesterday? Are cuts in industrials and consumer happening today? That’s what we’re told, though our tipster is French and still pissed about the Maginot line so who knows if he’s to be trusted. Biases aside, it would be a plausible solution to the German bank’s “profitability problem” for 2008.
Update: Deutsche Bank's troubles are a pretty good indicator of how badly things are going for global finance. Last month, Deutsche Bank reported a 48 percent decline in fourth-quarter profits, but said it had no subprime write-downs. Got that? Deutsche Bank is suffering huge profit declines and (maybe) laying people off despite not being exposed to the subprime sludge its rivals and Wall Street competitors have all conveniently made their fall guy.

Related