Deutsche Bank lays off 30 analysts
One source said: 'All our analysts cost us $1bn (€1.6bn) a year - the same as at Morgan Grenfell, Merrill Lynch and the other big banks. They are expensive people.' The bank declined to comment.
The cuts are part of a drive to reduce costs. The outsourcing of back office and information technology areas account for a large part of the 9,200 job cuts announced last year. The staff reductions are being made quietly, although belt-tightening is occurring across the whole bank.
Deutsche Asset Management in London cut its headcount by three last week. Charles Goulding and Helen Archer, respectively the chief operating officer and a saleswoman of the mutual fund distribution business, have gone. Gerald Hough, formerly head of the fund managers' operations in the UK, has taken early retirement.
The private equity arm is still recovering from a period of upheaval that saw Morgan Grenfell Private Equity abandon its plans for a management buy-out and become rolled into DB Capital Partners.
The bank is reducing its own exposure to private equity. Although it has talked about raising a €500m fund of private equity funds, which would offset that reduction, these plans are on hold. Private equity investment directors do not come cheaply and would be good candidates for job cuts in the eyes of Josef Ackermann, Deutsche's incoming chairman.
