Deutsche Bank has actually been trimming senior M&A bankers
No sooner did we suggest that Deutsche Bank seemed strangely tolerant of the slow performance of its growing ranks of investment bankers, than it has become apparent that maybe it's not. Deutsche Bank has been trimming some underperformers ahead of its bonus announcements in March.
We don't, unfortunately, have any names and Deutsche isn't commenting, but multiple sources say the bank has been cutting bankers in both New York and London. The London cuts happened last week. The New York cuts possibly happened yesterday.
The cuts are thought to be trimming rather than Citi-style restructuring. They're thought to include tech and industrials bankers in London and senior bankers and research analysts in New York.
Citi CFO James Von Moltke said this week that Deutsche's coming bonus round will reflect the "difficult" market. Berthold Fürst, Deutsche’ co-head of EMEA coverage, yesterday that the board has been supportive of the bank's countercyclical addition of talent. Deutsche added around 50 new senior bankers last year, and then Alison Harding-Jones from Citi as global head of M&A earlier this month. However, advisory revenues at the bank fell 46% year-on-year in the first nine months.
While most banks had multiple rounds of cuts last year, Deutsche didn't make many cuts in 2023.
London bankers who survive the mini-cull have something beyond bonuses to look forward to. This is the year that Deutsche inhabits its new 17 storey office above Moorgate station. Some people are thought to be working there already.
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