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]
Author:
Publish date:
Updated on

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]

Related

Layoffs Watch '12: Asia

The bad news is that Goldman Sachs, Deutsche Bank, UBS, and others have been making cuts and are expected to continue to do so. The good news is that not everybody is upset about it. Speaking to bankers and other industry sources, Reuters was able to confirm at least 50 people were let go in the past three weeks, a cull that includes senior expatriates as well as junior bankers. The cuts mainly target the equities business, with more layoffs expected in coming weeks. CLSA , Deutsche Bank, Goldman Sachs, and UBS were among the banks and brokerages that cut jobs, the sources said...The Asia cuts also come at an unexpected time, when expatriate finance professionals are preparing to hunker down for the summer while their families head home for the holiday. "I'm disappointed, but in some ways I'm glad I was cut early in this round, because everyone is looking over their shoulder," said Cassandra Lister, who was recently let go as a managing director at Societe Generale in Hong Kong. "They're looking around and wondering 'Am I next?' It's a horrible work environment." Asia's Investment Banks Launch Round Of Job Cuts [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]

Layoffs Watch '12: Deutsche Bank

The Germans are considering sending some bankers to live on a farm upstate, where there's plenty of fresh air and room to run around. Europe’s biggest bank by assets, is considering cutting about 1,000 positions at its investment bank as revenue declines, according to a person with knowledge of the matter. The cuts will be mostly outside Germany, where the firm’s investment banking operations are focused, said the person, who asked not be identified as Deutsche Bank’s plan hasn’t been made public. [Bloomberg]

Layoffs Watch '12: Deutsche Bank

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]

Layoffs Watch '12: Deutsche Bank Not Yet Finished Telling Employees To Hit The Bricks

These things take time. Deutsche Bank is eliminating about 85 jobs at its Japan and Hong Kong equities units as Europe’s widening debt crisis curbs economic growth in Asia. The bank cut about 15 positions in Tokyo yesterday, and plans to tell 30 employees in equity research, sales and trading today that they will be dismissed, three people with knowledge of the matter said. The Frankfurt-based company trimmed 40 jobs in Hong Kong yesterday, according to another person, who asked not to be identified because the information is private. [Bloomberg]

Layoffs/Hiring Watch '12: UBS

The Swiss bank is said to be planning a big round of cuts in the investment bank with the aim of saving a bunch of money, which it will then spend on luring in "more promising talent." is embarking on a new round of job cuts within its investment bank, according to people familiar with the matter, as the Swiss bank grapples with a downturn in business that shows few signs of abating and considers a further restructuring of the division. UBS will begin notifying employees Wednesday of a new round of job cuts totaling roughly 400, the people said. Additional job losses that could run into the thousands may quickly follow. According to one of the people, there is a "good probability" that when UBS discloses its third-quarter results next Tuesday, it will make clear which businesses it intends to focus on in the years to come, and which ones it will de-emphasize...This week's jobs cut will be spread roughly evenly across North America, Europe and Asia, one of the people said. They will fall more or less evenly on fixed-income trading, equity trading and corporate finance, although the latter will bear slightly more of the brunt than the former two divisions. While these job cuts are mainly mean to cut costs, they are also part of a plan to cull the worst performers from the investment bank's ranks and create room for it to hire more-promising talent, one of the people said. UBS Plans More Job Cuts [WSJ]

Layoffs Watch '12: Bank Of America Australia

The House of Moynihan has said goodbye to a bunch of employees down under. Bank of America Merrill Lynch has begun a new round of job cuts in Australia, a person familiar with the matter told Deal Journal Australia, becoming the latest investment bank to cut costs amid light deal flow and sluggish equity markets due to the stuttering global economic recovery. Fewer than 10 staff from the bank’s equities sales and trading division have been let go, the person said, without elaborating further. Bank of America Merrill Lynch Cuts Staff in Australia [Deal Journal]