The Germans said this morning that 1) employees will face the ax if the "environment" doesn't improve a-SAP 2) these cuts would be on top of those previously announced and 3) have you ever wondered why DB hasn't had to announce that it's letting go of 20 or 30 or 40,000 people? According to Stefan Krause it's because the bank has been "proactive" about cutting staff, doing a little bit each day so it's not overwhelming.
Despite surprisingly strong third quarter earnings, Deutsche Bank will continue to "adjust the platform" and could reduce headcount if the weak environment continues, Chief Financial Officer Stefan Krause said. Reductions would come on top of the 500 cuts already announced, Krause said on a conference call with analysts after third quarter earnings were released. The previously-announced eliminations will be carried out in the fourth quarter and the first quarter of next year, he said. Unlike some of its competitors, Deutsche hasn't had to announce large cuts because it has been "proactive" in already reducing headcount according to its "business development," Krause said.