As we've noted here before, banks aren't cutting many jobs this year. Goldman Sachs, for example, isn't engaging in its standard trimming of 5% of employees before Christmas. Nor have there been the usual pre-bonus clear outs.
This does not mean, though, that some small pruning isn't going on behind the scenes. Banks like HSBC and Deutsche Bank have strategic plans that suggest the need for big layoffs. Deutsche Bank, at least, has been cutting a little around the hedges.
Insiders at the German bank say there have been a handful of cuts this week. DB isn't commenting, but it's understood that six people in the bank's 700-person Group Strategic Analytics (strats) team globally have been put at risk. At less than 1% of the total, it's not exactly a wholesale clear out. Nor will it do much to help DB to cut the 10,000 or so jobs that still need to be cut to meet its 18,000 target.
It's not clear which area of the bank Deutsche's strats were supporting, but they could find themselves in strong demand. - Crypto firms are hiring people with similar profiles. So too are hedge funds.
The afflicted individuals haven't left DB yet and are still employed by the bank. Insiders suggest it's bad timing, though. Under UK law, individuals need to be informed of their potential redundancies 30 days before the cuts actually happen. Unless alternative roles can be found internally, this suggests DB's strats will effectively be let go just before Christmas.
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