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.
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]
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]