Deutsche Bank makes staff cuts in investment banking arm - report
Deutsche Bank Ag
222.70p
16:30 24/11/17
Deutsche Bank has reportedly laid off dozens of origination and advisory staffers within its investment banking division globally as fears of a recession stymie deal-making.
Bloomberg on Friday cited a person with knowledge of the matter as saying that the firm first communicated the job cuts across all levels on Wednesday, with a focus on junior ranks.
It was understood the reductions are in line with past years’ efforts to keep a lid on costs.
Among the departures was Mason Parker, a managing director in the bank’s leveraged finance business, another person with knowledge of the matter told Bloomberg. According to his LinkedIn profile, Parker has been at the bank for more than 20 years.
According to analyst estimates compiled by Bloomberg, Deutsche will probably see revenue from advising companies on mergers and the issuance of stocks and bonds slump 50% in the third quarter from a year earlier.