Layoffs Watch '17: Now We're Counting On You, Deutsche Bank

For every layoff the rest of Wall Street manages to avoid, Deutsche Bank will cut two jobs.
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(Getty Images)

(Getty Images)

Wall Street's seemingly interminable layoff fever, contracted about a decade ago and never exactly fully cured, may finally be breaking now. Though the year is young, it's already shaping up to be a fine one for bankers who like both having and keeping their jobs.

Layoffs at financial firms in the US have dropped 74% in January this year compared to the same period last year, according to statistics from Challenger, Gray & Christmas. Job cuts fell from 998 in January 2016 to just 260 in January this year, the lowest level of layoffs seen since May 2013.

It's hard to know how much of this news we should ascribe to broader trends – years of post-crisis recalibration finally coming into maturity, say – and how much can be chalked up to the making-great-again of America and, by extension, Wall Street's profit expectations. But the latter is certainly playing a part, be it through more attractive trading opportunities, the anticipated dismantling of Dodd-Frank regulations or, to borrow a recent Lloydism, a “growthier” outlook.

That's not to say the pendulum has swung back fully, however.

The report revealed a negative job outlook within the financial industry, as new hire figures remained flat this month with no new jobs posted from Wall Street firms.

Still, things are moving in the right direction. Which leaves just one bank carrying the thankless burden of continued mass layoffs: Deutsche Bank. Already in the midst of layoffs so extensive that they had to be staggered so as not to overload the HR department, Deutsche still has thousands of job cuts planned. We'll have to wait until John Cryan is done taking care of business before we sound the all-clear.

Wall Street layoffs see sharp slow down in 2017 [The Trade News]


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 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]