Life at Deutsche Bank is bleaker than a Bertolt Brecht plot these days...
Deutsche Bank AG’s chief financial officer wants staff to think twice before booking a flight.
James von Moltke urged employees in a memo circulated Friday to “take every opportunity to restrict non-essential travel” until the end of the year. “With your help, we will meet our cost-reduction targets,” he wrote.
And what help! Staying around Frankfurt will be a living nachtmare for many many Deutsche Bankers, but for the survivors in New York and London, it means less time in Frankfurt. So...a real lose-win situation.
But don't blame management, Deutsche Bankers, blame thyselves...
Last month, the CFO invited all Deutsche Bank employees to submit their own cost-cutting proposals, according to a person briefed on the matter who asked not to be identified. More than 500 submissions were received during the first 24 hours, the person said.
“We are grateful for the many ideas contributed by employees,” von Moltke wrote in the memo. “Among these, travel expenditure is one of the most frequently-raised topics.”
Yes, we're certain that "More time in Frankfurt" was a major request on the comment cards, and that most of them were written a few months back by people like I.P. Freeley in risk and Hugh Jasole in the back office. Well played, John Cryan.