Deutsche Bank cuts rates staff in Europe

Deutsche Bank cuts rates staff in Europe

access_time2019-10-22 08:30:45

Bloomberg says the German bank is contemplating cutting another 10% of people in its rates business globally. 

Deutsche is neither confirming nor denying the claim. Charlie Olivier, a spokesman for the bank, says it's "committed to a robust and broad based rates business" and is "investing in areas" that will grow the client franchise. This suggests selective hiring, but also wouldn't seem to preclude trimming around the edges before the year end.

Deutsche's European rates desk has already been through a period of change. Deutsche Bank CEO Christian Sewing said the bank planned to 'resize' its rates business in his July strategy presentation.

Deutsche's rates staff, who headhunters estimate number around 85 in London (sales, trading and research), can  be forgiven for thinking big changes have been made already. Any further cuts in London might simply be case of Gilbert ejecting existing staff in order to hire-in some new ones he likes better in 2020. 

If Deutsche cuts again in rates though, it might cut again anywhere. The bank's own analysts said last week that rates desks across the market had a "particularly strong" third quarter, with European rates businesses especially experiencing strong growth. If the comparatively fast-growing European rates business is trimmed, surely anywhere else at DB is susceptible to pruning too. 

While Deutsche apparently eyes more cuts in rates, it has been hiring elsewhere. Ade Ademakinwa rejoined from Nomura as head of the European FIG syndicate desk in July, for example.

One headhunter says Deutsche Bank would be foolish to cut another 10% of rates staff in Europe: "They're very thin and don't have anyone left to cut," he says. "Although it always makes sense to cut people who aren't performing relative to the expectation for their seniority."


Re|Bank opens its branch in Gori

Re|Bank opens its branch in Gori
access_time2019-11-13 17:18:44
Re|Bank – a new retail banking brand from PASHA Bank – opened its first branch in Gori. From today on customers will be able to get service at 13, Stalin avenue.Re|Bank services are available in three branches in Tbilisi: 15 Omar Khizanishvili str, 19 Pekini Ave. and 75, Javakheti Str; one in Batumi at 53, Ilia Chavchavadze Street, also in Kutaisi at 5, Akaki Tsereteli Street and Zugdidi at 54, Merab Kostava Street. Re|Bank offers three main products: Top|Card, Maxi|Deposit and...

"No one will give the Georgian Dream the right to turn out of the way " - independent MP

access_time2019-11-13 12:50:20
 “Georgian Dream” most likely will not support the demands of deputies who oppose the rejection of the majority election system and the transition to proportional system in 2020. It is not yet clear what processes are underway inside...

"To attract visitors from China, the country should launch an active marketing campaign "

access_time2019-11-12 13:45:13
“Amid a growing popularity of Georgian wine in China, the development of tourism relations  is also very real. This is a very large and potentially profitable market from where a lot of tourists can be attracted, but for this purpose   marketing...

Hotel owners in Gudauri are unhappy about a growth in the real estate market

Hotel owners in Gudauri are unhappy about  a growth in the real estate market
access_time2019-11-12 15:25:03
“So many apartment buildings have been built in Gudauri in recent years that it looks more like residential area in Tbilisi than a ski resort. All these apartments are rent to tourists that can create  considerable problems to the hotel business. The resort...

Georgia takes the last place in Europe in terms of minimum wage

Georgia takes  the last place in Europe in terms of minimum wage
access_time2019-11-11 12:50:24
In terms of levers of minimum wage, Georgia takes  last place in Europe and the penultimate in the world, lagging behind all countries, including the...

Similar News