It’s a tough time to be a banker at Deutsche Bank.
The German banking behemoth has nurtured a corporate culture built on chicanery and corruption for years and indeed, it’s managed to stand out in that regard even in a world where the vast majority of large financial institutions have been variously exposed for manipulating everything from FX to benchmark rates as well as engaging in all manner of other deplorable business practices designed to enrich the firm at the expense of, well… at the expense of everyone else in the world.
In short, you have to try pretty hard to stand out as being particularly nefarious in the universe of TBTF institutions, but Deutsche Bank has indeed succeeded.
The above is one reason why co-CEOs Anshu Jain and Jrgen Fitschen were effectively shown the door back in June and over the course of 2015, the company lost several other high profile bankers including the global head commercial real estate and the head of structured finance.
New CEO John Cryan has now embarked on a frantic attempt to right the ship, and that effort recently manifested itself in the dismissal of some 23,000 people, or around a quarter of the bank’s employees.
Next, Deutsche announced a raft of high-level management changes as part of an anticipated and sweeping restructuring of key divisions and senior-level committees.
As WSJ reported, Colin Fan, the investment-banking co-head responsible for securities trading, resigned and Michele Faissola, the head of the bank’s asset and wealth-management business, left too. Deutsche also split its investment bank into two pieces: one, the underwriting and advisory part, focused on mergers and other deals, corporate finance and transaction banking services such as cash management, and the other on trading and global markets.
This post was published at Zero Hedge on 10/22/2015.
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