Last week still counted as holiday season, unless you were at Deutsche Bank, in which case last week happened to involve another round of exits and or redundancies.
Insiders at the bank say another round of DB exits began Tuesday last week. They are understood to have involved both senior salespeople and traders, plus people across Deutsche's investment banking division (IBD). Deutsche didn't immediately respond to a request to comment.
One of the most senior traders to leave is understood to have been Niru Ravendreen, Deutsche's head of Central and Eastern Europe and Africa (CEEMEA) credit trading, who had previously been regarded as a star performer at the bank. Ravendreen is understood to be pursuing something outside of banking.
Others to disappear are understood to include: Bora Dirik, an emerging markets rates trader; Dimitri Rigopoulos, an emerging markets rates trader; Matt Oxley, a director in emerging markets sales; Divya Goel, a director in emerging markets FX sales; and Richard Mirfin, a director in the credit business. None of those listed responded to a request to comment.
Many of the trading exits appear to be in the emerging markets macro and credit businesses, which Deutsche was strengthening as recently as June.
Insiders at Deutsche the bank cut people across IBD last week, although it's not clear who was let go.
Deutsche Bank is making up to 18,000 redundancies as part of CEO Christian Sewing's strategy to reduce costs by €6bn by 2022. When Deutsche reported its second quarter results, the bank said only 900 had gone.
The new exits follow complaints that people working in Deutsche Bank's CRU winddown unit are being denied the opportunity to seek voluntary redundancy and then deprived of their deferred bonuses if they resign. In the circumstances, some of the traders let go may have been happy if they were cut.
Deutsche Bank has a reputation for making traders work their notice periods, but many of those who left last week are understood to have disappeared immediately.
Photo: Tristan Bejawn, copyright eFinancialCareers, outside DB in early July
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