It's not over at Deutsche Bank. Not only is the in-office fruit not coming back, but the front office layoffs are still happening - albeit with less vigour than before. In latest round of exits, Deutsche insiders say a managing director in London debt capital markets has left the bank.
The MD in question is Virilo Moro, the ex-head of Deutsche Bank's financing and solutions (FSG) group for Spain and Portugal. Moro joined Deutsche Bank from Dresdner Kleinwort Wasserstein in 2002. Headhunters suggest his long service at DB made him a prime candidate for the chop as the German bank seeks to cut costs. Additional junior layoffs are also understood to be on the cards.
Deutsche Bank didn't respond to a request to comment on Moro's exit. Moro himself didn't immediately respond to a comment on LinkedIn.
Deutsche Bank is in the process of cutting 7,000 jobs from across its investment bank. In the three months to June 2018, the bank removed 1,700 people, including 983 from the corporate and investment bank. In May, CEO Christian Sewing promised to complete front office redundancies at DB by the end of July. That they're still going on suggests either that there were some stragglers, or that Sewing has decided more cuts need to be made after Deutsche's miserable second quarter.
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