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- Wells Fargo Has Shown Us Its Contemptible Values
- UBS to Counter Trading Troubles With M&A Work
- SEC Moves Quickly To Shut Down Fake Pre-IPO Share Scam
- SEC Testimony: Oversight of the SEC Division of Enforcement
- FINRA Modifies 'Agency Debt Security' in Rule 6710
- Is Jamie Dimon Doing a U-Turn on Bitcoin?
- After New Yorker's Racist Rant Goes Viral, His Law Firm Gets Pummeled with 1-Star Yelp Reviews
- Bill O’Donnell is New CFO at MetLife
- Trump Still Owes Deutsche Bank, Others as Much as $480Mn
- Wells Fargo Scandals Hurt Its Retirement Business
- Michigan State to Pay $500Mn to Victims of Larry Nassar's Abuse
- Top Lawyer at Novartis Leaving Over $1.2Mn Contract with Michael Cohen's Consulting Firm
- Cadwalader Adds Mark Chorazak to its Financial Regulation Practice
- Deutsche Bank: It's A Short According to Eisman of ‘The Big Short’ Fame
- Up In Smoke: Bank of Montreal Goes All-In on Pot Deals
- RBS to Pay $4.9Bn to Settle Toxic MBS Probe with U.S.
- Apple and Goldman Sachs Team Up to Release New Credit Card
- Robinhood, A Stock, Trading App Rejected by 75 Investors, Now Worth $5.6Bn
- Wells Fargo Reportedly Pocketed Fire And Police Department Pension Fund Fee Rebates
- Trading App Robinhood Surpasses E*Trade In User Numbers
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NEWSLETTERS & ALERTS
Deutsche Bank Axing 250 - 500 Investment Banking Jobs
Deutsche Bank has started cutting at least 250 jobs globally at its corporate and investment bank - and the number could rise to over 500. The cuts include senior and mid-level investment banking positions in London and the U.S. Deutsche Bank’s corporate and investment bank employed 17,251 front office full-time staff at the end of last year.
The news is somewhat of a surprise given that the bank announced in late January that it would hike annual bonus payments for 2017 to more than $1.2 billion – despite posting its 3rd consecutive annual loss. [Reuters, 1/27/18]
That said, the decision to eliminate jobs comes as Deutsche Bank struggles to keep pace with other Wall Street firms. CEO John Cryan has had the unenviable task of trying to motivate and retain top investment banking staff while keeping a lid on costs following 3 straight years of losses. Many of the unit’s problems are in its trading business, with fixed-income revenue dropping 29% and equities declining 25% in Q4 of 2017. The bank ranked 9th in M&A advisory work for 2017, up one notch from 2016.