It wasn't just "a bunch of associates" who got fired last week from DB. Apparently a whopping thirty percent of first year analyst got canned on Wednesday, bonus day.
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."
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]