Time to take the Tube?

22 April 2008

1 minute read

Deutsche Bankers are taking the Tube and cutting back on strippers. Bankers of America are skipping the soap. Where will it all end?

How far can banks cut costs before being a banker loses its charm? Following hot on the heels of Citigroup's productivity guru and Bank of America's possibly spurious decision to do away with soap and flavoured teas, Deutsche is the latest to take on the cost-cutting mantle.

The German bank is reportedly obliging its staff to take the tube and cut back on lap dances, as well as showering and shaving in the airport.

Does this take the pleasure out of being a banker? How will Deutsche's bankers cope in the 2nd class cubicles? Or is it time for the industry to come back down to earth anyway? Unleash your fury below.

AUTHORSarah Butcher

Global Editor

An
Anonymous
26 April 2008
reality is that this crisis will end only one way: the taxpayer will pay for all of it. look at Northern Rock, Bear (where JP paid 1bn and Fed 24 or something like that..that is nationalisation..)
so..i find that disturbing. all this banking industry piled up on cash...and the taxpayer will bail out. what for?!!! this crisis will go away, but banking will re-invent itself..
so stop winging, get a job in the industry and get the money...
Reply
de
delta
23 April 2008
Does this imply that prior to relatively recently, Deutsche Bank employees WERE able to charge strip clubs (and more!) to their corporate cards???
Having worked for three tier one IBs, i know that we were absolutely prohibited from doing so (this has always been case, going back to 1998).
Reply
Do
Dousche Bank
23 April 2008
DB has always been cutting costs...they only hire second rate bankers. you pay peanuts and you get monkeys.
Reply
Fi
Fixed Income analyst (for the
23 April 2008
It's Dubai, Mumbai, Shanghai (HK) or Goodbye for those of us left working in Fixed Income in the square mile. I dare say Sovereing (sic) man is probably working in the Mid East, which is where I'd be if I could get a seat on a flight!
Reply
An
Anonymous
23 April 2008
Cutting those expenses is more a way to show they are "crisis concious" (and justify redundacies) than real cost cutting (although the total amount could be large, it is relatively small). I worked for seven years in M&A in a bank where those perks were not so large as many people are mentioning here but I assume a large number of bankers believe it is part of their compensation. To me most of them are realy incredible and fool from the outside (I am a "client" now and really annoyed when bankers try to charge for incredible and unnecessary costs).
Reply