Skip to main content

Layoffs Watch '14: Deutsche Bank

  • Author:
  • Updated:

The Germans are said to have asked a number of employees to clean our their desks.

Deutsche Bank eliminated or moved as many as 10 traders of credit-default swaps in London and related indexes as it trims that part of its fixed-income business amid new regulations, said people with knowledge of the matter. Josh Farber and Melvyn Merran, who traded credit-derivatives indexes, and credit-swaps traders Colin Webb, Dray Simpson and Fionn O’Leary were let go, according to the people, who asked not to be identified because they’re not authorized to speak publicly. Another three to five swaps traders either had their positions cut or were moved to other jobs, the people said. The bank said last month it would stop trading most credit-default swaps tied to individual companies because new regulations make it too costly to operate in that market. The business was one of the fastest-growing for securities firms before the 2008 collapse of Lehman Brothers Holdings Inc.

Deutsche Bank Said to Cut Up to 10 London Credit Traders [Bloomberg]


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 '15: Deutsche Bank Crunched The Numbers And Decided It Doesn't Need 23,000 Of You

The good news is that 75% of the current staff still has a job. The less good news...

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]