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Deutsche cuts two top traders as axe starts to fall-sources
LONDON, Sept 13 |
LONDON, Sept 13 (Reuters) - Deutsche Bank has parted company with two senior London-based traders, as the bank embarks on a cost cutting drive entailing more than 1,900 layoffs and pledges cultural change in its investment bank.
Antoine Bisson, a managing director and a senior European trader, and Simon Rose, a vice president in electronic trading, are leaving the bank, according to three sources with knowledge of the matter.
A spokesman for Deutsche Bank declined comment.
The bank started cutting staff in various divisions in the past few weeks, including around a third of the staff in its Asia equity derivatives business in early September amid other equities cuts.
Stock trading and other equities functions such as research are particularly under fire across the industry, and other banks are taking the knife to these divisions too as trading volumes wane, commissions dry up and costs become unsustainable.
Nomura said last week it will streamline its European business by merging its two equities brokerages in the region.
At Deutsche, cuts were expected but investment bank chiefs Anshu Jain and Juergen Fitschen said on Tuesday they were planning redundancies "over and above" the 1,900 positions already announced in July.
They told shareholders they will put Germany's flagship international bank on a crash diet that will involve a 4 billion euros ($5 billion) restructuring charge to glean 4.5 billion euros in savings.
The joint chiefs also spoke of an "imperative" for cultural change in the wake of global crisis and pledged to cut bonuses. Its managers will now have to wait five years, rather than three, for bonus share awards.
"The payout ratio, it's got to go down," said Jain on Tuesday. "Employees must make their contribution."
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