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- Latham & Watkins Chair Bill Voge Resigns Over Sexual Messages
- Jefferies Equity Trading Slips Even as Volatility Increases
- Can Jes Staley Fix Barclays Fast Enough?
- Deutsche Bank Slides 6.2% After Warning of $550Mn Q1 Headwind
- UBS to Pay $230Mn to N.Y. in Mortgage Securities Probe
- With At Least 190 Cryptocurrency Exchanges, Here's How to Pick Right One
- Mark Zuckerberg Lost $9Bn in Wealth Over Past 48 Hours
- Keynote Address, ICI 2018 Mutual Funds & Investment Management Conference
- SEC Announces Largest-Ever Whistleblower Awards
- From a $126Mn Bonus to Jail: Fall of a Star Trader
- Barclays Shares Surge as Activist Takes 5.2% Stake
- Standard Chartered Puts Compliance Head Neil Barry on Leave
- Goldman Sachs Pays Women in U.K. 56% Less Than Male Colleagues
- Deutsche Bank Leads Bulls with Higher Trading Revenue Forecast
- SocGen Cuts Traders' Bonus Pool by a Quarter
- Point72's Haynes Resigns as Cohen Seeks a New Type of Leader
- Steve Eisman, Who Called the 'Big Short' During Financial Crisis, Sleeping Easy Now
- Bitcoin's ‘Death Cross’ Looms as Strategist Eyes $2,800 Level - From Current Price of $8,120
- U.K. Brokerage Firm, Investment Manager, CEO Manipulated Trading in U.S. Microcap Stocks - SEC
- Billionaire Investor John Paulson's Hedge Fund Is 'Rightsizing', And a Bunch of Senior Staff are Leaving
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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.