The last time Deutsche Bank’s technology staffing strategy made the news was last week, when it seemed the German bank was readying to make 27% of its global technology staff redundant. Those layoffs may still be afoot, but the Deutsche technology tale seems to be about more than hacking away at the existing cost base.
Instead of simply culling technology staff, various reports suggest that Deutsche is also adding them. 250 jobs are being created at Deutsche’s ‘software application development centre’ in North Carolina and the bank is reportedly investing $9m in the centre in the next two years. Traditionally, Deutsche has relied heavily upon Indian development talent. However, when new chief executive John Cryan joined the bank in July, he complained of inefficiencies, bureaucracy and antiquated technology. It now looks like the bank is investing in developers who are at least slightly closer to Wall Street.
Separately, an ex-Goldman analyst who had the same kind of cancer that Lloyd Blankfein is suffering from, has written a letter underscoring the humanity of the man behind the CEO. “In June 2009, when I had been with Goldman for 1.5 years as an intern, I was diagnosed with leukemia and lymphoma. I needed a bone marrow transplant to survive,” writes Seun Adebiyi. “Lloyd wrote me a personal letter while I was going through chemo at Sloan Kettering, telling me how much he believed in me…Lloyd has shown tremendous compassion and leadership throughout his career, especially when lives were at stake. It is my deepest wish that he now receive the same whole-hearted support, resources and encouragement that he gave me.”
You want to work for McKinsey & Co, Bain & Co or Boston Consulting Group. Which one is best?
Start-ups are increasingly turning to large banks – the very institutions that fintech is supposed to be disrupting – for mentorship and money.
FIG Hires at Deutsche (WSJ)
Deutsche Bank has been strengthened its FIG team in New York.
J.P. Morgan is doing well in IBD this year
Extradition Decision (CNBC)
Navinder Singh Sarao, known as the trader whose actions may have helped cause the 2010 flash crash, will on Friday find out whether he will be extradited to face charges in the U.S.
Deutsche’s former global finance chief says his career was wrongfully destroyed by the German regulator’s comments on LIBOR.
Lucinda O’Connor, a former consumer marketing analyst and executive director at Goldman Sachs, has reinvented herself as a hedge fund marketer.
Deutsche Bank is not Germany’s central bank, but some investors think it is and that can only be a good thing for Deutsche.
Russian Reasons (BNE)
This is why Deutsche shut its Moscow office really.
You will be liable for huge damages if you injure a top J.P. Morgan banker and thereby prevent him from achieving his bonus.
Work hard at college? You’re clearly not upper middle class and in line for an elite job.
Quote of the Day
“Business is a noble vocation.”
Pope Francis during his address to Congress.