As Deutsche Bank staff ponder their futures in a world where 17,000 of the bank's promised 18,000 redundancies have yet to take place, Deutsche has found a new way of motivating them that doesn't involve promises of future bonuses: a book to commemorate Deutsche's illustrious past.
"The bank is offering us all the chance to buy its 150th anniversary history book for around $20," says one New York employee. "I'll be getting my copy sometime early next year."
Deutsche isn't commenting on the book, which is presumably not being handed out for free as the bank seeks to reduce costs to €17bn by 2022 (down from €22.8bn in 2018). Its release is expected to coincide with the bank's 150th anniversary celebrations in 2020, preparations for which "started several years ago," according to Deutsche's own historical institute.
While the anniversary pomp might be expected to raise spirits at Deutsche amidst the cost-cutting, eyebrows are being raised at the fact that the book is chargeable. - Particularly after Deutsche removed awards for longserving employees last week. "The award for 10 years' service was $10k," says another Deutsche banker. "Not any more!"
Another U.S. banker says DB staff need something to get excited about. "There are endless announcements about glorious new achievements, but nothing about where the remaining 17,000 headcount reductions will take place...I expect a great deal more bloodletting to take place in the fourth quarter."
The apprehension comes as Deutsche continues to add staff in areas like credit trading, where headhunters said the bank is doing "lots of hiring," following the arrival of the likes of Matthew Bond from BNP Paribas (credit sales) and Vishaal Ghadia from Nomura (FX structuring) last month. Meanwhile, David Fazel, a vice president in Deutsche's ETF business who left in May, has just turned up at Credit Suisse.
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