Lunchtime Links: Investment bankers at Deutsche are firmly back on top

28 April 2009

2 minute read

Lunchtime Links: Investment bankers at Deutsche are firmly back on top

Back in January things looked dismal for investment bankers at Deutsche. Josef Ackermann was due to retire next year, and after a big fourth quarter loss in investment banking, his successor looked certain to be something big in German retail. As of today, things have changed considerably.

Powered by what it describes as 'the performance of our investment banking business,' Deutsche's first quarter results show a healthy return to profit.

The bank has also announced that Ackermann will now have his contract extended until 2013, which as William Wright at Financial News points out, will give Deutsche's investment bankers plenty of time to redeem themselves and ensure a favourable successor. All of this has been accomplished with a fairly minimal reduction in headcount - the number of people employed at the corporate and investment bank fell by 543 in the past quarter, and a mere 7% year on year.

"This was a key quarter for Deutsche Bank. Once again we demonstrated our strength, as we have consistently throughout this crisis. But in this quarter, we also proved our earnings power." (FT)

In 2007, 80% of Goldman pay was bonuses. Last year it was 58%. (Wall Street Journal)

Goldman hires Bear big cheese Alan Schwartz. (Clusterstock)

Citi and BofA need more capital. (Guardian)

Bank of America plans to appeal against stress test fail. (Clusterstock)

Moelis hires from Rothschild for restructuring. (eFinancialNews)

Adair Turner doesn't like Glass Steagall. (The Times)

SocGen says it didn't lose €10bn on writedowns. (The Times)

Despite giving the impression that it did, Barclays didn't get an A in the UK gov's stress tests. (Breaking Views)

UK banks face higher capital ratios. (FT)

Inland revenue will be spending 25% of its budget on detecting tax evasion. (Times)

You can die of sitting down. (Medicine and Science in Sports and Exercise)

Are you infected with swine flu? Drink a shot of Sauza Hornitos. If you don't think you are cured after one shot, administer successive shots until you are. (LongorShortCapital)

AUTHOReFinancialCareers US

Insider Comment

tu
turn_those_machines_back_on!
29 April 2009
the successor to Ackermann is A Jain. Discuss...
Reply
Ob
Observer
29 April 2009
MBA, unfortunately usually grad recruitment rejections are handled by HR, and obviously they prefer a standardized communication style. For experienced hires, we tend to communicate with the headhunter, and sometimes we do give more specific feedback for the rejection.
Reply
MB
MBA
28 April 2009
Observer, I wish you were that specific in your official feedbacks too, because instead of giving us true reasons for rejection you send a real bull in your ding emails.
Reply
Ob
Observer
28 April 2009
In banks, we hire people who could do the job and fit in, not people who might be able to. If you are an experienced professional, it is quite irrelevant which university you were from. If you studied a quant finance Master, DEA or PhD, etc. and know your stuff (many grads even from good universities don't), you will be favoured over an Oxbridge grad for a derivatives role anytime. But if you have neither experience nor relevant education (and yes that is hard when you are looking for an internship), then what else do banks have to choose from?
Reply
ar
arecruiter
28 April 2009
quite likely they had a limited number of spots and thousands of applications and maybe you just weren't what they were looking for
Reply