Deutsche Bank is doing something drastic. Do you have the right personality for programming?

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Deutsche Bank has adopted the same aspirations as Barclays. So it would seem from the German bank’s announcement, ahead of its strategy meeting today, that it plans to cut costs to 70% of revenues by 2018 and to 65% by 2020 – the latter being exactly similar to Barclays’ cost aspirations under Antony Jenkins and Bob Diamond before him.

Unfortunately, and as Daniel Schaefer, finance editor of Handelsblatt, points out, that 65% cost target looks like a big ask. In the second quarter of 2015, the cost ratio at Deutsche Bank was 85%. As the chart below, from Bloomberg, shows, costs at Deutsche are higher than at any rival firm. No wonder John Cryan says many bonuses at the bank will be zero this year. Bloomberg also reports that Deutsche is cutting 26,000 jobs. However, 'only' 9,000 jobs are being cut on a net basis and the others are to disappear as part of asset disposals.

Cost ratio investment banks

Separately, now that it’s cool to get out of banking and do a coding course, it might be worth checking you have the right personality for coding first. ‘Research’ reportedly shows that the best coders are intelligent,introverted, conscientious, and open to new things. They are not agreeable. And they are not neurotic.

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Jes Staley is worth this much more than Antony Jenkins.

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Quote of the Day: 

"Having a weekly 30-minute money date is a great way to connect to your goals as a couple, and to get to know your partner’s relationship with money," what to do when you’re married to someone who spends all your money.

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