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Highs and Lows of Working on Wall Street

October 28, 2010

The High:  At this very moment, Deutsche Bank corporate and investment bank employees are slated to get more compensation, on average, than their counterparts at Goldman Sachs.  The Low:  New reports of cutbacks at Man Group. 

    Deutsche Bank, Germany’s biggest bank, for the first 9 months of 2010, has set aside more in compensation for employees of its corporate and investment bank than Goldman Sachs has done.   Bloomberg News reported.  The bank reserved enough money to pay nearly $395,000 to each of the 16,194 workers at the division.  By comparison, Goldman Sachs has set aside per employee personnel costs of $371,000 (these figures include support staff and employees at units).  Further details weren't provided.

    Man Group.   Monday, we reported that about 10% of the hedge fund manager's workforce was slated for lay offs.  Now, the WSJournal is echoing those reports, saying that as many as 200 jobs (out of 1,800) will be cut over the next 6 months.  The cutbacks would be among the largest at a major hedge fund firm in recent history.  Most jobs cuts will come from layoffs, though some will come from attrition and consultants whose contracts are not renewed.  [NYT Dealbook, 10/28]