Whole teams at Deutsche Bank were told on Monday their jobs had been axed as it began 18,000 job cuts globally in one of the biggest overhauls to an investment bank since the aftermath of the financial crisis.
The German bank began telling staff of the layoffs in Sydney, then across the region, taking in its Hong Kong and Singapore trading hubs before bankers in Europe and the U.S. reached their offices to be told their fates.
The following are comments by employees leaving the bank, as well as from those who have been told their jobs are safe:
“I was terminated this morning. There was a very quick meeting and that was it,” said an IT worker leaving Deutsche Bank’s City of London office on Monday morning.
“I got laid off, where else would I go?” said one equity sales staff member in London, who had headed to nearby pub.
“The day started with a phone call and a meeting with HR. We were informed that our jobs have become redundant and handed over our letters and given approximately a month’s salary and have been asked to leave. Our systems have been taken and we can’t log in and have been asked to vacate the premises by 0730 GMT,” said a Bengaluru-based banker.
“With these kind of cuts in the equities business, you can’t avoid an impact on the investment bank. All the clients here were already asking questions about the changes, and now they will ask questions about the ability to provide truly bespoke service. And it’s not like they don’t have any options in the market,” said a senior Hong Kong-based equity capital markets (ECM) banker, who added he was surprised by the scale of cuts to the bank’s ECM business in Asia.
“There is hardly any work getting done today and folks are just mailing or calling friends or headhunters. Half of the floor is gone and others are just waiting to be called in. Some people are saying their byes even before being called in,” said an equities trader in Hong Kong who has spent two years at the bank. The trader said he and his colleagues had been escorted from their meetings with Human Resources (HR) to the elevators without being allowed to return to their desks.
“We are still what we were on Friday but with a much, much smaller equities capability,” said one senior Sydney-based bank executive, who kept his job.
“It’s good that the uncertainty has finally ended. I was preparing myself and my family since the Commerzbank talks failed. The equities market is not that great so I may not find a similar job, but I have to deal with it. Frankly, I was not expecting they will cut the entire equities piece,” said an equity sales banker in Hong Kong as two colleagues came to hug him and see him off from the main building lobby. The banker had been with Deutsche for six years.
“The news is obviously depressing but at least there’s some clarity on the businesses we are still going to focus on. My access card is working fine. So I am safe for now. What happens tomorrow, who knows but for now, I hope this is it,” said a banker in Singapore as he tapped his card to gain access to the lift.
“The mood inside is pretty gloomy. People are being called in individually into the conference rooms with a couple of rounds of chats with HR, who will give you this packet then and you are out of the building. Even those who are staying back don’t think it’s the turning point for the bank. Who wants to go into a bad bank just to wind down the businesses? So more people will leave when they get the opportunity. Personally, I think they (management) have taken a very shortsighted decision: Equities is a cyclical business and it’s not like DB was the only bank not making any money in this,” said one equities trader who had worked at Deutsche Bank for six years.
“Our ECM business has to be scaled back but it’s not like everything will happen in one day. This is not like what StanChart did to its equities business. We are not going to be giving up our live deals. But the biggest question for us is where do we go from here if we don’t offer the whole suite of products? Will clients stick with us or is the game over?” said a Singapore banker who remains in his job.
“If you have a job for me, please let me know. But do not ask questions,” said a banker in Hong Kong who confirmed he had been employed at Deutsche Bank, but declined to comment further.
“(It is) very frustrating because they got rid of the whole of the equities business that supports us in corporate finance. But it’s part of the industry - equities businesses have been challenged everywhere. We need to stop and think now what our business model is without an equities business. Is it strategic advice? Or is it leveraged financing? It seems to me that’s the natural direction now,” said a senior Australian corporate finance banker.
Mon Jul 08 2019
People carry bags outside a Deutsche Bank office in London, Britain, July 8, 2019. REUTERS
AWANI Pagi: Berita tumpuan & kemaskini COVID-19 [1 November 2020]
AWANI Pagi membawakan kemaskini terkini mengenai berita dalam dan luar negara yang dilaporkan di www.astroawani.com bersama Geegee Ahmad dan Nailah Huda.
AWANI Ringkas: Sri Lanka hantar semula sampah berbahaya kepada Britain
AWANI Ringkas: Cabaran Turki tangani kesan gempa & pulihkan ekonomi akibat COVID-19
Isu bantahan selesai, agihan bakul makanan di Taman Semarak
Bantuan bakul makanan kerajaan negeri diagihkan kepada penduduk sejak Jumaat selain dibenarkan berbelanja di kedai berdekatan taman.
COVID-19: 30 daerah dalam zon merah sepanjang 14 hari lalu - CPRC
Zon merah itu merangkumi 13 daerah di Semenanjung Malaysia, 16 daerah di Sabah dan satu daerah di Sarawak.
Pelakon James Bond, Sean Connery meninggal dunia
Pelakon terkenal dalam siri filem terkemuka James Bond, Sir Sean Connery meninggal dunia usia 90 tahun.
Paderi ditembak di luar gereja di Lyon
Seorang paderi ditembak di luar gereja di Lyon, Perancis pada Sabtu dan kini menerima rawatan di hospital. Insiden berlaku dua hari selepas serangan pengganas di gereja katolik di bandar Nice yang membunuh 3 mangsa.
COVID-19: Perintah berkurung di Britain sehingga Disember
Perdana Menteri Britain Boris Johnson mengumumkan perintah berkurung di negara itu akan mula berkuat kuasa 5 November hingga 2 Disember. Perintah ini menyusul kes positif COVID-19 di UK mencecah sejuta pada Sabtu.
COVID-19: Austria laksanakan semula perintah berkurung Selasa ini
Austria melaksanakan semula perintah berkurung selasa ini berikutan peningkatan kes COVID-19 di negara itu. Pengumuman dibuat Canselor, Sebastian Kurz. Antara lain, penguatkuasaan perintah itu berpanjangan selama empat minggu.
COVID-19: Kerajaan sangkal dakwaan kononnya kemudahan kesihatan di Sabah tak cukup
Timbalan Menteri Kesihatan, Datuk Dr Noor Azmi Ghazali sangkal dakwaan kemudahan kesihatan di Sabah tidak mencukupi sehingga menyukarkan usaha memerangi COVID-19 di negeri itu.
DAP desak PM lanjut moratorium, sedia kerjasama dengan semua parti - Guan Eng
Guan Eng mendakwa kerajaan PN telah gagal melanjutkan moratorium pembayaran kepada seramai 6.6 juta peminjam.
Bank Muamalat sahkan seorang pekerja pejabat wilayah Johor Bahru positif COVID-19
Semua pekerja di pejabat cawangan dan wilayah Johor Bahru yang telah berhubungan secara langsung (direct contact) dengan pekerja berkenaan, diminta menjalankan kuarantin kendiri di rumah.
Bantuan bersasar kekalkan daya tahan sektor perbankan - BNM
Pelbagai langkah termasuk Kemudahan Bantuan Khas (SRF) berjumlah RM10 bilion telah diperkenalkan untuk menyediakan bantuan sementara kepada perniagaan.
Bayaran fasa pertama BPN 2.0 bermula awal dari jadual
Pembayaran sedang dibuat secara berperingkat dengan mengutamakan golongan B40 melibatkan 7.5 juta penerima iaitu 3.7 juta penerima kategori isi rumah dan 3.8 juta penerima kategori bujang.
Tindak balas spontan dijangka pengaruhi Bursa Malaysia untuk bergerak rendah minggu depan
Sentimen secara keseluruhannya dijangka lemah dengan peserta pasaran terus menantikan keputusan mesyuarat dan pertemuan antara Perdana Menteri dan YDP Agong pada Jumaat.
AirAsia sahkan peroleh pinjaman RM300 juta daripada SDB
AirAsia Group Bhd mengesahkan ia memperoleh pinjaman sebanyak RM300 juta daripada Sabah Development Bank Bhd (SDB) dan bukan daripada mana-mana pembiayaan atau jaminan kerajaan.
Ringgit merosot, dolar US terus mengukuh
Ringgit terus merosot berbanding dolar US hari ini berikutan ketidakpastian mengenai persetujuan pakej rangsangan Amerika Syarikat dan landskap politik tanah air.
Bank Muamalat terus tawar bantuan pembayaran bersasar
Bank Muamalat beri jaminan bantuan pembayaran bersasar akan terus disediakan kepada pelanggannya yang berdepan kesukaran kewangan.
Kakitangan BSN Sg Dua jalani ujian saringan COVID-19
BSN Pulau Pinang mengesahkan kakitangan bank itu di cawangan Sungai Dua, di Butterworth perlu menjalani saringan COVID-19.
Bekerja Dari Rumah: Biar sama rata elak andaian nilai nyawa pengurusan lebih tinggi - NUBE
BDR perlu dijalankan secara sama rata dan bukan hanya tertumpu kepada kakitangan yang terlibat dalam pengurusan dan penyeliaan semata-mata.