As Deutsche Bank continues with the biggest blood-letting on Wall Street since the collapse of Lehman Brothers, managers are reportedly planning to move thousands of Manhattan-based associates, often those with the most important front-office-type jobs in sales and trading.
Ever since DB moved to expand its presence in the Americas during the late 1990s-2000s, thousands of young employees, from interns to first-year analysts, have flocked to places like Murray Hill and other parts of Manhattan to work at the city’s investment banks, and generally live the young banker lifestyle of late nights out at bars on the lower east side and hooking up with wannabe model types at the clubs and bars that dot (or rather, once dotted) the East Village and the LES.
In the post-COVID era, many of these analysts might be sent to other more cost-effective parts of the country where Deutsche Bank already has a “presence”, according to DB Americas CEO Christiana Riley, one of the highest-ranking women on Wall Street.
Riley told the FT that the NY head count could “conceivably” be cut in half in 5 years (a pretty aggressive time table). The bank currently has roughly 4,600 staff in Manhattan, which means some 2,300 could soon be reporting to DB’s offices in Jacksonville Fla., long considered a dumping ground, where the bank houses its compliance department. According to media reports, the bank’s compliance workers in the city have long been treated “lower than janitors” by a bank that’s become almost synonymous with criminal malfeasance (an impression that has only been strengthened, as unfortunate or undeserved as that might be, by the endless MSM reporting on the bank’s lending relationship with the Trumps.