If you're sitting at your desk at Deutsche Bank (DB) today and bemoaning the über-sh!tty bonus situation, you might want to take a hard look back at the year that was and remember some of the rougher moments. Like that time one of your colleagues decided to type with his palms and mistakenly handed out $6 billion on a Forex trade.
Remember that? Because your CEO John Cryan does, and he's ready to make some changes.
Deutsche Bank is creating a new top management post to oversee the bank's technology, as part of new CEO John Cryan's battle to bring the struggling bank under control.
That's leadership! Seeing a problem, like Deutsche's woeful tech infrastructure and moving quickly to fix it by bringing in a real pro.
So now you're wondering, where did Cryan find this wizard? Goldman? One of those FinTech unicorns roaming Silicon Valley? Maybe Facebook?
Germany's biggest lender has hired Pascal Boillat, currently head of operations and technology for US mortgage company Fannie Mae.
Boillat will be chief information officer and head of operations for corporate and investment banking.
Apparently John Cryan is pretty sick of watching Deutsche employees hammer away on decade-old Dell PCs when they're not trying to communicate via Blackberries held together by duct tape, so he's bringing in a guy from an embattled mortgage GSE to improve the tech situation at one of the world's largest financial institutions.
In Boillat's defense, anyone who succeeded at Fannie Mae is clearly well-versed in orchestrating cat rodeos, so he should be amply prepared to deal with whatever Cryan and Co. throw his way.
If nothing else, disgruntled Deustsche banker, this hire paves the way for a future moment in time in which you stare gleefully at a fat bonus check and think to yourself, "Thank heavens we brought in that guy from Fannie Mae to fix everything."