There will be layoffs at Deutsche Bank. We don't know when. We don't know how many. But Deutsche needs to cut €3.5bn from its expenses, so some sort of headcount removal looks pretty much unavoidable.
In the circumstances, it's unsurprising that people are leaving ahead of time. The UK's Financial Conduct Authority Register, filtered by IMAS Corporate Finance, reveals that at least seven people have left Deutsche's London office since the start of this month. Most have yet to turn up elsewhere. The quitters are as follows:
1. Pulkit Agrawal
A former associate in Deutsche's leveraged finance and real estate team, Agrawal has followed many other junior bankers to the buyside. According to the FCA Register he left Deutsche on April 10th. Agrawal, who'd been at Deutsche since 2011 and joined as an intern, now works for Kildare Partners, a private equity fund. As an IBD professional, Agrawal would likely not have been at risk from Deutsche's job cuts - most of which are likely to impact fixed income sales and trading.
2. Simon Grenfell
Grenfell used to be global head of origination and syndication for Deutsche's commodities business. Then he was part of the executive committee that wound Deutsche's commodity activities down. We suppose that wind-down must now be over, as Grenfell left Deutsche on April 1st. He spent nearly eight years at the German bank.
3. Michael Klimbacher
Klimbacher left Deutsche on April 3rd. A former director in metals and mining M&A, he'd been with the bank since 2008. It's not clear where Klimbacher is going next, but as a director in IBD his job should also have been safe under Deutsche's new strategy.
4. Ross Lavery
Lavery was also part of Deutsche's IBD business. Having joined as an associate from Lehman Brothers in 2008, he quit on April 10th.
5. Peter Melichar
Melichar was a senior structurer and originator in collateralized loan obligations. He spent less than two years at Deutsche before leaving on April 16th. Melichar's exit is less surprising: CLO specialists are likely to suffer under Deutsche's new strategy.
6. Samuel Norton
Like Melichar, Norton also spent less than two years at Deutsche. Unlike Melichar, his job should have been totally fine under the new client-focused advisory strategy. Norton was a senior relationship manager at the German bank. He joined from Citi in June 2013 and left again on April 17th 2015.
7. Hamish Risk
The incomparably named Hamish Risk also seems to have left the German bank. A former journalist and editor of Euromoney FX News, Risk joined Deutsche as 'head of content management' in March 2013. He left again on April 17th and his current whereabouts are unknown.