“It’s Going To Be Carnage” – Deutsche Begins Culling 18,000 Employees
by Tyler Durden
ZeroHedge.com
Mon, 07/08/2019
Update (9 am ET): Deutsche Bank shares have continued to sell off ahead of the US market open. They were recently off 5% at a new session low, as the bank’s shareholders have apparently realized that DB won’t be able to return to profitability with no revenue.
Some readers might have dismissed warnings of “Lehman-style” scenes outside Deutsche Bank’s global offices as hysteria related to the bank’s restructuring. But the mass firings that will eventually cull some 18,000 employees, roughly 20% of the bank’s global workforce, have already begun.
Though DB didn’t disclose the regional breakdown of the job cuts, it’s widely believed that roughly 50% of the employees in its bloated investment bank will be let go. That would mean the bank’s offices in New York and London will be the hardest hit.
One Singapore-based employee whose team had not been hit by the cuts told the FT on Monday: “The mood is always depressed in Deutsche.”
The FT said DB staff working in London will receive “notification risk” notices, effectively a warning that they might soon be fired, offered a ‘consultation session with HR, and then given the rest of the day off.
“People know the bank is not doing well…It’s not like a party…This is really sad what is going on right now in the bank, but I guess from top management’s point of view that is what is needed to be done,” said one Deutsche staff member in London who declined to be named.
The Rest…HERE
