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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 May Axe 20% of U.S. Workforce
In February, Deutsche Bank terminated 250 to 500 investment banking jobs worldwide. [Financialish.com] Then, in April, the bank was reported to be planning 'significant' job cuts (i.e., around 10% of U.S. personnel) following a sharp drop in profits [Financialish.com]. Today, the rumor mill announced that, as part of a sweeping restructuring in the U.S., Deutsche Bank is considering axing about 20% of its U.S. employees - whose numbers ranged around 10,000 at year's end.
While a Deutsche Bank spokesperson denied the media report, there's no denying that change is in the air at Deutsche Bank:
- New CEO Christian Sewing signaled that the bank may retreat its operations to Europe, while considering cuts to such businesses as prime brokerage, rates and repo.
- The bank is already planning to close an office in Houston, while shrinking its presence in New York, where it's moving to smaller offices in mid-town Manhattan.
- Barry Bausano, the CEO of Deutsche Bank Securities and DB's point man for hedge funds, is leaving. [Bloomberg]