Deutsche Bank's DWS laid off its impact investing team in NY
In theory, jobs in impact investing - or investing in projects with a beneficial environmental or social impact - should be as secure as any right now. In fact, even impact investing jobs are proving susceptible to cost-cutting.
DWS, the asset management firm which span out of Deutsche Bank and in which Deutsche Bank retains 80% of the stock, last week cut around six people from its New York impact investing team according to sources close to the bank.
It comes after DWS warned in April that revenues were likely to be lower than 2019 in 2020, and said it was counting on a recovery in the second half. The asset management firm already had a target of €150m of additional gross cost savings by 2021.
A spokesman for DWS said the firm "realigned" its impact investing team as part of an "ongoing strategy to strengthen our firm and enhance our scale and capabilities in alignment with our clients and the market."
DWS still has a sustainable investing team in the U.S. "We believe that ESG and sustainability will be a critical driver of our business and the asset management industry, and we are proud of our heritage in leading in this space," the spokesman said.
A survey earlier this year by the Impact Investing Network found that the impact investing market is growing at a compound annual growth rate of 17%. Few other areas of the market can claim such rapid expansion. If impact investing jobs can be cut, the implication is that no jobs are safe.
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