Deutsche Bank

[LondonPM1]

https://www.bloomberg.com/news/artic...ocus-on-europe

Germany’s largest lender will scale back U.S. rates sales and trading, reduce the corporate finance business in the U.S. and Asia, and review its global equities business with a view toward cutting it back, the bank said in a statement Thursday. The measures will lead to a “significant reduction” in the workforce this year, Deutsche Bank said.

[MrButton]

Good news for uk contractors then if they’re focusing on europe?

[LondonPM1]

Good news for uk contractors then if they’re focusing on europe?

Amazing you read it this way - this is terrible news if you ask me - Plenty of desks will be closed

IT systems decommd, plenty of people on bench

[MrButton]

Amazing you read it this way - this is terrible news if you ask me - Plenty of desks will be closed

IT systems decommd, plenty of people on bench

I just read the headline. Was hoping by asking the question that someone else would do the work.

[Eirikur]

Staff reductions are always good for contractors (at least in my line of business) Times of crisis are the best for me, all those FTEs that need to be reduced and contractors are the best to do so.

[northernladuk]

I'd wait and see rather than getting all upset about it now. It's likely their re-focus will also mean increase of headcount on the new systems. Where one door closes, another one opens.

This type of stuff is why they take on contractors so could be a good opportunity for them to shed some perm headcount and get more flexible resources in. Who knows.

If you are any good it shouldn't be anything to worry about.

[uk contractor]

UK office is already under extreme headcount restrictions & lowball rates. I think this move is step 1 in the end game. For many years its an open secret they are on borrowed time with no way to realistically recover due to trillions in toxic debt. I think eventually they will get broken up & larger banks will buy the relevant divisions to start again. Only reason they have not been allowed to fail is the knock on effect it would have short term on global financial markets (collapse similar to Lehman Bros). But now debtors will start to reconsider their positions & may call in the debt to force the closure & then pick up the assets cheaply as lets be honest they have no chance of ever turning things around unless all debtors agree to write their historical positions off!
https://forums.contractoruk.com/busi...ml#post2527476

[MrButton]

I blame those money grabbing contractors driving DB into the ground. Feel sorry for the permies.

Ey Jack?

[uk contractor]

https://www.marketwatch.com/story/de...04-26-34852359
Net income dropped 79% so they are really close to collapse right now no wonder they are pulling out of US effectively!
This is highly unlikely to lead to many contractor vacancies most likely this going to lead to a massive influx of ex DB staff looking for work crowding an already vastly overcrowded market even further.

[billybiro]

Good news for uk contractors then if they’re focusing on europe?

Yes, Europe. That thing that we'll soon no longer be a part of (at least politically and commercially if not literally).