Deutsche Bank Now Suffering The Indignity Of Watching Senior People Risk Career Suicide By Defecting To Credit Suisse

It's starting to dawn on Deutsche Bank that senior executives are pretty keen on - like - getting bonuses or whatever.
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You've got to hand it to Deutsche Bank, no other bank had the brass balls to experiment with sacrificing its 2016 bonuses to the Gods of Really Old Mistakes with the hypothesis that everything will be fine next year.

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But like a small child conducting research on what large household items can be flushed down the toilet, Deutsche Bank is seeing that not all experiments end with happy results...and sometimes you end up covered in shit. Like watching key executives in Asia defect to Credit Suisse:

Credit Suisse Group AG has hired two senior equities executives in Asia from Deutsche Bank AG, a person familiar with the matter said, amid a restructuring of the Swiss bank’s global markets business and a recent leadership change in the region.
Neil Hosie will join Credit Suisse as head of equities for the Asia-Pacific region, and Patrick Kelly has been hired as Asia-Pacific head of equity client trading and execution, the person said, asking not to be identified because the matter hasn’t been publicly disclosed. Both men resigned from the German bank last week, according to people familiar with the matter.

Defecting from Deutsche Bank to Credit Suisse is like leaving your spouse for their identical twin, but that twin has less money in the bank and an unmedicated mood disorder.

And to make matters worse, Deutsch Bank is also seeing senior people make even stranger decisions in their desperation to escape the reign of Cryan:

[O]ne executive, Holger Knittel, took a new job in the bank’s home town of Frankfurt.

Well now that he's free of Deutsche, Holger Knittel can apparently "enjoy" Frankfurt. Yeah, we've never heard of anyone doing that either.

What we're seeing is Deutsche Bank executives leave Deutsche Bank just to get away from Deutsche Bank. So it seems fair to say that Deutsche's little experiment is not going great.

Credit Suisse Said to Hire Deutsche Bank Equities Executives [Bloomberg]

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Things could be better in Europe. Big investment banks in Europe, including Nomura, Credit Suisse and UBS, are stepping up plans to cut jobs as they seek to adapt to a drastic slowdown in revenues and tighter regulation. Bank executives, headhunters and analysts say that the cuts are shaping up as the deepest since the start of the financial crisis after a disappointing summer dashed hopes of a business revival. One senior headhunter said many large investment banks will have “at least 20 per cent” fewer staff in capital markets and M&A advisory business in Europe by the end of the year compared with late 2011. “It [the market] has never been as bad as this. Bankers have long lost confidence in their banks but now they are also losing their self-confidence, their mojo,” a senior advisory banker said. Among the banks that will reduce their investment banking workforce is Japan’s Nomura, where London-based bankers say that they expect several hundred jobs to be removed in Europe alone as part of a $1bn cost-cutting effort. Switzerland’s largest bank UBS, which cut staff levels earlier than rivals by announcing 2,000 job cuts in the investment bank after a $2.3bn unauthorised trading loss last year, is preparing for intensified cuts as it is seeking to streamline further the unit, several people familiar with the situation said. At Credit Suisse, insiders estimate that the additional SFr1bn ($1bn) in groupwide cuts that were announced in July will translate into up to 1,000 jobs being lost, most of which would be in the investment bank. Analysts expect also Deutsche Bank and Barclays to reduce their headcount further this year. Deutsche said two months ago it would reduce staff levels by 1,900. Investment Banks Eye Europe Job Cuts [FT]