Some Bloomberg reporters managed to get an inside look at Deutsche Bank's US HQ and things there are...about what you'd imagine:
Begin on the 46th floor, overlooking the East River: brown boxes have been stacked in the offices of the senior-most executive in the Americas. More than 40 flights down, on the trading floor, seats sit empty at mid-morning. Computer screens are black. Some who remain are openly hunting for jobs at rival banks. Their bosses know, and don’t mind.
On a recent weekday, an executive spied junior traders enjoying beers at the nearby Full Shilling pub. It was just past 1 p.m. Older traders could be found at Cipriani on Wall Street, where the famous bellini cocktails are served in wood-paneled rooms or on a terrace between stone ionic columns.
Wow...fun! All those bellinis must take the edge of the angst and bitterness...
After a slow drip of news and rumors about potential job cuts, with limited direct communication from Sewing, a number of U.S. staffers have grown to resent their London and Frankfurt-based counterparts, according to interviews with nearly a dozen current and former employees. Kerrie McHugh, a spokeswoman for the bank, declined to comment.
But at least this kind of turnover is giving people a chance to shine. Giving the next generation a chance to step up is good management, as long as the lines of succession are being clearly communicated...
[Peter] Selman is now among dozens already on their way out, the people said. Zia Huque, the CEO of Deutsche Bank’s securities division in the U.S., hasn’t been seen at work in weeks. Tom Patrick, the head of the Americas who joined the bank a decade ago and oversees the relationship with the Federal Reserve, seems to be packing up his office, and Deutsche Bank is considering his replacement.
Hmm, if Deutsche really can't find these people, can we suggest that someone check the bar at Cipriani?