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Morning Coffee: Deutsche Bank’s other method of cutting costs. Leaving Goldman Sachs in style

Deutsche Bank is doing it all: the hiring freeze, the bonus annihilation, the layoffs, and the movement of front office banking jobs to obscure near-shore locations that weren't traditionally associated with wholesale banking activities.

In the UK, Deutsche’s near-shore location is Birmingham. In the U.S., it’s Florida.

The German bank has been shunting sales jobs from London to Birmingham for at least three years. Something similar has been happening between New York City and Jacksonville.

Bloomberg has been busy checking out Deutsche’s Jacksonville campus. There, it found, ‘a young team recruited from universities such as Emory and Vanderbilt,’ which, ‘sells securities in tandem with their counterparts in New York. ‘

There’s a clear upside for Deutsche in having keen young people in Jacksonville instead of in its office at 60 Wall Street: real estate is cheaper and pay is lower. While this might not be such good news for the junior hires, who are earning around 30% less than they would be on Wall Street, the cost of living is correspondingly lower than in Manhattan and – as one Deutsche refugee from Wall Street points out – “the people [in Florida] are unusually nice.”

Separately, look at Gary Cohn go. As we pointed out at the time, Gary's decision to leave Goldman Sachs and join Donald Trump, thereby avoiding Goldman’s deferral rules and cashing in all his restricted stock and Goldman investments at contemporary (high) prices looked inspired. Bloomberg clarifies just how inspired: in joining Trump, Cohn has “unlocked” $284m in Goldman pay.


If Gary Cohn hadn’t left Goldman Sachs for Trump, that stock would have been locked up for years. (WSJ)

“Floating a minority stake in Deutsche AM would not solve Deutsche Bank’s capital problems.” (Bloomberg) 

“You make Barclays a place where a single, working mother can thrive and leave on a Tuesday at 1pm with no sense of guilt at all - that woman will stay.” (Financial News)  

Young single women with MBAs lower their desired yearly compensation from $131k to $113k and their willingness to travel from 14 to seven days per month when they think men are watching. (WSJ) 

There’s a shortage of FIG bankers who speak Mandarin in China. (Bloomberg) 

Citi has been speaking to authorities in Ireland, Italy, France, Spain, Germany and the Netherlands as it wonders where to set up a new EU base. A decision is due before June. (Guardian) 

Banks are contemplating assigning UK-based bankers EU chaperones so they can still operate in the bloc. (BreakingViews)

Beware the coming automation of the compliance jobs. (Financial Times) 

Medical experimenters erroneously administer students dose of caffeine equivalent to 300 cups of coffee. (Guardian) 

Ways to burst your filter bubble. (Marginal Revolution)


AUTHORSarah Butcher Global Editor

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