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Lunchtime Links: Deutsche traders euthanised

20 November 2008

COMMENTS

In the press, everyone in a bank is known as a trader.  Read all comments »

Deutsche Bank is culling one in seven traders from its global markets division. Proprietary traders and structured credit traders will be most affected; commodities traders and FX traders will be fine. Most of the blood will be spilt in London and New York. We suggested only last month that Deutsche might want to think about trimming a few people.

Traders turn to spread betting. (Financial Times).

Goldman shares down another 11%. (Financial News).

Citigroup shares down another 12%. (Guardian).

Citi’s troubled tale. (Wall Street Journal).

Rothschild paid record bonuses (in June). (The Times).

Nat Rothschild is cutting jobs. (The Times).

300 people going at Fidelity in London. (Telegraph).

Jobs pain comes to Asia. (DealBook).

Canaccord Adams hires three people from Landesbanki. (Financial News).

Bailed out banks urged to bring in women. (Financial Times).

Ex-head of Evolution and Beeson Gregory retreats to desert island to explore inner self, write book. (The Times).

COMMENTS

longinthetooth, Capital Markets,  Thu 20 Nov 08

1 in 7  , 1 in 7  !!   
Have they no balls at Deutsche.....make it 1 in 6 i say...and then next year we will watch them paying up for new traders that will not be as good as those who they are getting rid of...we have all seen it before...well those of us who are not "teenage scribblers" have anyway !!

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Francesco, Trading,  Thu 20 Nov 08

Does DB have 7000 traders as the article says? ahaha don't think so...

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John, Trading,  Thu 20 Nov 08

In the press, everyone in a bank is known as a trader. Photographs showing someone wiping their brow as if stressed are labelled: 'stressed trader watches shares plunge'.

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DaveTech, Information Technology,  Thu 20 Nov 08

Everyone at Deutsche Bank is so angry only 1 in 7 traders are being fired. There are far, far more weak, mediocre people here - as other DB employees have frequently vented on eFN articles over the last fortnight. They really should can a quarter of this floor at very least.

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John, Trading,  Fri 21 Nov 08

DaveTech's right. So many dead bodies who rode on the back of the long boom need to be culled. Remember what was said about the BBC earlier this year. Far too many staff were taken on but they were so flushed with cash who cared?

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Average Joe, Debt / Fixed Income,  Sun 23 Nov 08

John - spot on !

Editor - "Traders turn to spread betting. (Financial Times)."  What a disingenuous summary - the article didn't imply that bank traders (regulated by the FSA so restricted from this acitivity) had turned to spread betting.

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Sarah, Editor, eFinancialCareers, HR & Recruitment,  Sun 23 Nov 08

Hi average Joe,

The 'Traders turn to spread betting' summary was admittedly pushing the boundaries in terms of what the FT article was reporting. But it may have some truth in it.

The relevant section of the FT article is towards the end, where it says -

'The company expected to open more than 22,000 financial accounts in the second quarter of the financial year...That compares with the same period last year when IG Group opened fewer than 10,000 accounts.'

The FT doesn't overtly state that traders in banks are responsible for opening those accounts. The summary was not meant to suggest that traders are spread betting as part of their jobs.

However, it would seem reasonable to assume that some of the traders who are now out of the market have opened spread betting accounts. This was the implication - although not very clearly spelt out!

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