Deutsche Bank Employees Feeling Unappreciated
What are they doing about it? Considering their options, that's what.
According to people familiar with the matter, a number of employees -- including some of the bank's most talented and highest-paid people -- are feeling that they aren't being fairly compensated for their work in helping the bank weather the financial crisis without having to be bailed out by the German government.
Sources said the frustration has the potential for creating a real headache for CEO Josef Ackermann, who runs the risk of losing talent in the bank's trading operation, which is considered the second-most profitable behind Goldman Sachs. One group of bond traders that has already left over pay includes Jerry Cudzil and David Malvern, who were part of a team that took over a book of business from Deutsche Bank's former head of credit trading, Boaz Weinstein.
Apparently management thinks it's paying its employees just fine but is the victim of "an unusual wave of poaching from rivals like Morgan Stanley, Citigroup and Credit Suisse."
