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If Deutsche Bank is so hot, why are people leaving?

As we have noted previously, Deutsche Bank is now something of a hot place to be. It hasn’t taken money from the government. It has paid six figure cash payouts in the past 12 months. And it’s hiring.

This being so, why are so many people leaving? The past week has seen a spate of departures, including banking analyst Mike Mayo, the global head of FX trading (allegedly), and several structured financiers.

Does this mean that Deutsche isn’t such a hot ticket after all? Not necessarily. It’s notable that all the people who are leaving it are going to boutique firms or alternative asset managers. It isn’t DB that’s not hot. It’s mainstream banking.

Comments (14)

Comments
  1. Mike Mayo is not the Global Head of FX Trading.

    For Lehman Brothers he recommend clients Buy, Buy, Buy the Stock, reiterating Buy every time it halved from $85, to $40, to $20…

    He eventually recommended clients Hold it after it went to $1.

    He did not manage to recommend Sell on a single bank last year whilst they all more than halved.

    Losing Mike Mayo was a good thing.

  2. Apologies I misread “Mike Mayo, the global head of FX trading,” as you saying Mike was the FX head.

  3. Jason – sorry- not entirely clear in the initial iteration. Have amended the text.

    Sarah, Editor, eFinancialCareers Reply
     
  4. blah blah blah

    deutsche is more leveraged than the worse european banks, who in turn are much more leveraged than their US counterparts

    they are in denial, all be working for the german govt by the time this crisis is over

  5. I joined DB less than one year ago, I have never been happy there, as far as I am concerned it’s the worst place to work for, and I have made a big mistake to join DB.

    I just hope the job market recovers and start looking for a new job outside of DB.

  6. DB isn’t a hot ticket anymore because its not a safe place to be. Its become very bureaucratic and they are making people redundant left, right and centre!

  7. Jack, do you work in back office? The back office people I know at DB all hate their lives and I’m not surprised. But most of us in front office absolutely love our jobs, and love DB, and are excited about their opportunities.

    rap, being overlevered doesn’t spell trouble if you don’t make a whopping loss on it…..

  8. If Deutsche Bank is so hot, why are people leaving?

    sprechen sie Deutsch?

  9. Deutsche Bov, by the sounds of it.

  10. I buy share of DB. Departure of Alternative asset managers is good. It means DB is refocusing on retail activities and traditional investment scheme (Buy low sell high and do it without borrowing). I have DB shares and strongly believe in their business model, global leadership and I like to buy 2 euros of Shareholder’s equity at a 10% Core tier 1 ratio for only 1 US $. (Market cap of 23 billion USD and total Equity of 37 billion Euros). I thank naysayers a lot for sustaining the myth of DB being overleveraged and bad since it helps prevent the share price to go high too fast and it allows me to hoard the shares with my pitiful biweekly wage.

  11. All the good people and good senior managers left in Equity… this is not anylonger what it used to be and it will not last for long before it all collapses… I used to love that place and i am very sad to see this and would even prefer it all goes completely now… I agree with Ex-DB, only a bunch of pretentious or/and incompetent idiots left there but not for very long hopefully

    DB nostalgique Reply
     
  12. To DB nostalgique –

    I heard the current Head of Equity Derivatives in London was a star performer / leader. He is the guy who came up through the DB ranks….is he not able to inspire people / hire good people?

  13. To hedgie – I am not even sure (half kidding only) who ‘s the Head of Equity Derivatives these days…just to give you an idea of how bad is the situation there…

    DB nostalgique Reply
     
  14. Like any large organisation, some people are happy and some are not. I work in the technology group and at the moment it’s a very exciting place to work with many interesting programs to support the transformation of the organisation. I’m not alone, many feel as I do and those that have left in the last couple of years are now applying for open positions back at DB.

    IT Manager at DB Reply
     

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