
Deutsche Bank axes whole teams in Asia-Pacific as job cuts begin - realshadow
https://www.reuters.com/article/us-deutsche-bank-strategy/deutsche-bank-axes-whole-teams-in-asia-pacific-as-18000-job-cuts-begin-idUSKCN1U309P
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0898
Matt Levine was saying last week that everybody at DB has been expecting these
cuts for ages:
[https://www.bloomberg.com/amp/opinion/articles/2019-07-02/it...](https://www.bloomberg.com/amp/opinion/articles/2019-07-02/it-
s-no-fun-at-deutsche-bank)

~~~
my_usernam3
Thanks for posting this, and I might have to start reading more of Matt
Levine.

However, I don't know where you get "ages" from. He never mentions how long
this has been going on. In fact I read it more as a news story where he is
reporting a more recent development.

Edit: He does say "Executives in New York have for more than a year worked
under the cloud of whether the U.S. operation would be sold, gutted or spun
off.", but executives tend to try to hide negative truths from the majority of
employees for as long as possible.

~~~
0898
Matt Levine is my favourite writer at the moment. I love his simple, whimsical
style.

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mcv
Will they also be axing the people involved in money laundering?

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markus_zhang
I'm curious how they are going to unwind the massive derivative portfolio...

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rv-de
I'm not sure if there are enough oysters to be caught and cocktails to be
mixed for all those budding oyster fishermen and barkeepers - I mean seriously
those bankers are quite useless anywhere outside their finance bubble.

Anyway, strip clubs and coke dealers are already worried about customers
breaking away. [1]

Source:

1: [https://www.der-postillon.com/2019/07/deutsche-
bank-18000.ht...](https://www.der-postillon.com/2019/07/deutsche-
bank-18000.html)

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pojzon
Im really interested how this will evolve. DBank has alot of assets in other
banks in my country. Curious what it means for them. Should I jump the ship
and switch ?

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pcurve
As a customer or employee?

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pojzon
As a customer

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ThePadawan
Good.

~~~
dang
Please don't do this here.

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knocte
Well, if ice shipment companies get out of business because freezers are
invented, can't we celebrate progress?

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madez
Then substantiate the reasons for the celebration while giving context and
facts. A post containing just "Good." is vague, uninspiring, unenlightening.
It's noise.

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pcurve
I-banking and trading divisions are getting gutted. One would think there are
money to be made there and most banks aren’t following suit. Sounds like
leadership failure to me.

~~~
pgeorgi
There's money to be made there, and they made a lot of money, so much that the
company stopped caring about the other divisions - until they didn't, and it
started to cost them tons of money in lawsuits.

Yes, a different management approach might have avoided the lawsuits and
everything, but apparently this level of risk taking is not in the DNA of the
bank and so they stop doing that.

In my opinion restricting themselves to the part of the business they
understand to get back to a clean slate is one of the smartest ideas they had
in the last ~20 years.

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darkteflon
It’s sort of weird to see this stuff on HN. There’s another top article atm on
Japan machine orders. These articles are clickbait noise with zero
informational value - or worse.

~~~
dintech
Deutsche employs tens of thousands of software engineers. I think it's
relevant.

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VvR-Ox
Hate me for this but: It's ok.

We don't need all those bankers and if we'd manage to manage our finances
better as a world we wouldn't even need those jobs and a lot of these
institutions.

~~~
navigatesol
> _if we 'd manage to manage our finances better_

Pray tell, what does this mean?

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jonas_kgomo
This is happening while most anticipate AI taking jobs. I wonder how this will
turn out as more jobs are being automated with human-assisted downsizing

~~~
soVeryTired
This is nothing to do with AI. It's to do with Deutsche's shady accounting and
refusal to take government money during the global financial crisis.

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cletus
So I've become pretty cynical about companies announcing layoffs. In the short
term, it'll boost the stock and make the CEO look good as a result. The net
effect will be:

\- A certain number of people who leave or retire won't be replaced

\- Some workers will get relocated geographically and/or within the company's
business units such that they'll be counted as a layoff and a new hire

\- New hiring won't stop

\- The company will use layoffs as a means of getting rid of a number of
workers that would otherwise be legally problematic to get rid of (eg older or
pregnant workers)

\- Some smaller teams, projects or divisions will be sold off to other
companies

Hiring is near constant. Layoffs happen in bursts. Combine this with natural
attrition and not much has changed. Overall staffing levels will continue
trending downward slightly with increased automation. Business as usual.

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wp381640
your comment has no relation to what is happening at DB - they're writing down
$73 billion in assets and exiting businesses they tried to expand into

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cm2187
For the avoidance of doubt, they are not writing down $73 billions of assets,
that would wipe out their whole capital base. They intend to sell or roll off
$73 billions worth of RWAs.

