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Deustche Bank Asia Hemorrhaging Pitch Book-Makers

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DB junior bankers are reportedly accepting opportunities elsewhere en-masse.

Deustche Bank lost about 26 junior bankers in Hong Kong over the past four months, the biggest number of such departures from the firm in Asia in at least five years, two people with knowledge of the matter said. The employees, including four directors and four vice presidents, began leaving voluntarily in late February after receiving their bonuses, the people said, asking not to be named because the matter is private. The departures came as Deutsche Bank added nine managing directors over the past 12 months in Asia, said Michael West, a Hong Kong-based spokesman...The departure of junior bankers would “greatly impact deal-pitching and deal-making capabilities,” said Alice Leguay, chief operating officer of London-based Emolument Ltd., which tracks bonuses and salaries for finance and legal professionals. “More senior bankers are already stretched and are unlikely to be able to pick up the slack” at most banks, she said.

Deutsche Bank Said to Lose 26 Junior Bankers in Asia This [Bloomberg]


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]

Deustche Bank Can't Stop Uncovering (Alleged!) Wrongdoing By Employees

For once the bank would like to investigate a matter and conclude "Everybody's clean." Today is not that day.