Deutsche Bank's management board aims to decide on its future business model next week and present its strategy at an extraordinary meeting of its supervisory board on April 24, Handelsblatt newspaper reported on Monday without citing sources. If supervisory board questions can be answered quickly, the strategy could be made public on April 29 alongside first-quarter earnings figures, the paper said, adding that the management board has yet to reach a consensus on the business model. Germany's biggest lender has said it is reviewing multiple options to create a sustainable strategy that will take the bank to 2018 and beyond. [Reuters]
Clawbacks Watch '12: Deutsche Bank
Those shares DB awarded you to make up for the ones you were leaving with your old employer? They're going to need those back. Deutsche Bank has become the first global bank to introduce rules allowing it to strip staff of bonuses they earned at previous employers in the latest crackdown on pay. The largest European lender by assets has significantly tightened its bonus rules this year, enabling it to take back unvested shares that newly hired senior staff received in exchange for stock earned at another bank. The German banks’ stricter bonus rules, which came into force in January, apply to all new senior hires considered to be involved in the bank’s risk-taking, a spokesman said. These more than 1,300 “regulated employees“ include managing directors in the corporate and investment bank and members of the management committees of all other units. One recruitment expert warned the rule could make it harder for Deutsche Bank to attract senior talent as the potential job candidates might not be willing to put at risk stock earned at a previous bank. Deutsche Bank Turns Screws On Bonuses [FT]
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]
Deutsche Bank’s Largest Shareholder Wants Some Assurance Deutsche Bank Won't Run Itself Into The Ground
Qatar is just a slight bit nervous.
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...
Deutsche Bank Can’t Be A Petting Zoo Or Schnapps Distillery Or Oktoberfest Wurst Stand
Or Goldman Sachs, even though it wants to be.
Authorities Would Like To Add That Deutsche Bank Executive "Ruthlessly Beaten" By LAPD May Or May Not Have Been On "White Lightning" At The Time
A couple weeks back, Deutsche Bank vice chairman and managing director Brian Mulligan filed a claim with the city of Los Angeles, letting people know he intended to sue for $50 million over an incident that took place involving the LAPD, which left the media banker with “a broken shoulder blade and 15 nasal fractures.” According to Mulligan, police officers abducted him from a street corner, drove him to a motel, told him to wait there for a few hours, and then beat him so "ruthlessly" he "barely looked human" when they were done. According the LAPD, several calls had been placed about a man in the area "trying to break into cars" that fit Mulligan's description. They confronted the guy, who told them he was tired, which was why they drove him to the motel. He emerged hours later, started running through traffic, failed to heed their orders to get out of the street and assumed a "fighting stance," hence the need to deal with him in an aggressive fashion. At the time, a spokesman for the LA County DA’s office said that there are no plans to file criminal charges and that the office would simply like to “have a discussion" with Mulligan to advise him on "how best to follow the law so that incidents like this don’t occur again.” Also, it's possible he was experimenting with bath salts. The police report states that Mulligan was sweating profusely and walking with an unsteady gait when officers responded to reports that he was trying to break into cars in a Jack-in-the-Box parking lot. Mulligan told officers he was being chased and didn't know why. He also stated that he had ingested "white lightning" and marijuana and that he had not slept for four days. Brian Mulligan On Bath Salts: Deutsche Bank Executive Said He Was On 'White Lightning,' Police Say [HP] Earlier: Deutsche Bank Managing Director, LAPD Not Yet Seeing Eye To Eye On Savage Beating “Incident”