Layoffs Watch '11: Deutsche Bank

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Well, okay, it wasn't exactly a layoff in the strictness sense of the word, more like an entirely voluntary resignation by Rick Perry's son from his job at Deutsche Bank so he could go campaign with dad, but Momma Perry interpreted that as Griffin Perry 'losing' his job thanks to that damn Obama guy [shakes fist] so just go with it. Same diff/no diff.

Rick Perry's wife Anita said Friday that she could sympathize with the plight of the unemployed because her son was forced to resign his job to take a more active role on his father's presidential campaign. Anita Perry blamed the Obama administration for her son having to resign his position. "My son had to resign his job because of federal regulations that Washington has put on us," Mrs. Perry said while campaigning for her husband in South Carolina, after a voter shared the story of losing his job. "He resigned his job two weeks ago because he can't go out and campaign with his father because of SEC regulations," she continued, referring to the Securities and Exchange Commission. "He has a wife... he's trying to start a business. So I can empathize...he lost his job because of this administration," she said a few minutes later.

According to press reports, the Perrys' son, Griffin, worked at Deutsche Bank. It was unclear what SEC regulations Perry was referring to, but the commission adopted a new rule last year aimed at limiting political activity on the part of investment advisors. Mrs. Perry was speaking at a meet and greet at Dyar's diner in Pendleton, in western South Carolina, on the same morning her husband delivered the first major economic address of his campaign. Her comments about her son came in response to a question from 45-year-old voter who said he lost a job paying over $100,000 and who now makes $12 an hour as a handyman.

No further questions.

Anita Perry Blames Obama For Son's Job Loss [CNN]

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Layoffs Watch '12: Deutsche Bank

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]

Layoffs Watch '12: Deutsche Bank

The Germans thought about it and decided yes, layoffs sound like a great idea. Deutsche Bank said it will eliminate 1,900 jobs, including 1,500 at the investment bank, as part of an effort to save 3 billion euros ($3.68 billion). Deutsche Bank, based in Frankfurt, forecast “substantial costs” to achieve the savings without giving a figure in a statement to the stock exchange today. The job reductions are part of a strategy review Anshu Jain and Juergen Fitschen, Deutsche Bank’s new co-chief executive officers, are conducting as the lender grapples with declining revenue from the investment bank, which reported a 63 percent decline in second-quarter earnings today...“The time for vague promises of cultural change in our industry is long gone,” Jain said on a conference call with analysts and reporters. Deutsche Bank’s leaders are “totally determined to act quickly and decisively.” Deutsche Bank To Cut 1,900 Jobs In Bid To Save EU3 Billion [Bloomberg]