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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.