Matt Levine was saying last week that everybody at DB has been expecting these cuts for ages: <a href="https://www.bloomberg.com/amp/opinion/articles/2019-07-02/it-s-no-fun-at-deutsche-bank" rel="nofollow">https://www.bloomberg.com/amp/opinion/articles/2019-07-02/it...</a>
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.<p>Anyway, strip clubs and coke dealers are already worried about customers breaking away. [1]<p>Source:<p>1: <a href="https://www.der-postillon.com/2019/07/deutsche-bank-18000.html" rel="nofollow">https://www.der-postillon.com/2019/07/deutsche-bank-18000.ht...</a>
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 ?
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.
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.
Hate me for this but: It's ok.<p>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.
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
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:<p>- A certain number of people who leave or retire won't be replaced<p>- 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<p>- New hiring won't stop<p>- 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)<p>- Some smaller teams, projects or divisions will be sold off to other companies<p>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.