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Why working for DB is all the rage

For a moment, it looked like Deutsche Bank might be a baddish career bet. Josef Ackermann is retiring next year, and as we pointed out in January, it started looking as if German retail and corporate banking types might get the upper hand in the post-Josef landscape.

Events have proven us wrong. Ever since Ackermann declared his willingness to poach rivals from banks receiving TARP cash in February, Deutsche has attracted a steady flow of talent from rivals.

Most of that talent has flowed in the US, where DB has poached so many people from Merrill that the US bank is seeking $100m in compensation.

However, recruiters say Deutsche is also looking to boost its M&A advisory capacity in the City and is getting numerous takers.

Simon Maughan, head of European banking analysis at MF Global, says this is unsurprising: “They’re one of the only places that’s hiring and not under government ownership.”

As of last week, it also seems that Deutsche’s investment banking heavyweights are being rehabilitated in advance Ackermann’s departure. Anshu Jain and Michael Cohrs have both been promoted to the management board and are suddenly back in running for the CEO position.

The only cloud on the horizon is the vociferousness of German politicians in seeking to curtail bonuses at banks which have received money from the state. Angela Merkel is calling for both a national and international ban. As yet, there is no sign of this becoming reality.

Comments (23)

Comments
  1. From the tone of this article….does it mean business as usual pre financial crisis? I thought this industry shakeout was meant to reward those who had a different business model.

  2. I love Deutsche Bank and genuinely feel so privileged to be here – knowing how pathetically peers’ bonuses were (including at banks like BarCap and Credit Suisse which have remained independent). This place is awesome, post the firings its a much leaner machine without the dead weight, and looking forward to 1 more cut planned for April for us to be properly efficient. We’ve had a phenomenal Jan & Feb, massively up YoY, will never have state intervention on pay in the NYC and London offices. Thanks to the crunch DB has gone from bottom rung of the 1st tier to a properly respected, top player.

  3. Not for long, helen. It’s not much of a victory if you win by default. Goldman, Morgan and Citi may be down right now but when they recover, Deutsche is going to be at the bottom of the premier league again.

  4. Sarah – it’s ANGELA MERKEL.

  5. The firms business model should be ok. Whilst it was invested in Credit and OTC markets it is also one of the biggest flow houses on the street (FX , Money Markets and Swaps). This will be where the bulk of revenues are going to be generated going forward by any house. The revenues of corporate finance activity will diminish for a year or so and so should narrow the revenue gap between DB and other investment houses results going forward. Should the banking system stay independent , it will be one of THE places to work going forward

  6. Thanks for pointing out. I do (of course) know that. Have amended, hoping no one else noticed.

    Sarah, Editor, eFinancialCareers Reply
     
  7. Let’s hope Helen is made to be “properly efficient”.

    Dead wood_Exterminator Reply
     
  8. I just adore Deutsche Bank. I find Mr Ackermann to be the most pleasant CEO of them all and Anshu Jain to be just dreamy. It is possibly the best place in the entire universe to be located. It is my spiritual home.

  9. yyyaahh!! I’m moving to DB and I cannot wait!!

  10. Left DB in 07 and regretted it ever since… sigh

  11. Worst time to join DB. Everybody thinks they re the chosen nation by God or smthing.. I am an 2nd year Analyst at one of the messed up banks. Survived the big cuts and now reign supreme over the juniors. The bad VPs are gone and so are most of the Sr ASSociates. For the past quarter it has been a pleasure working at the office. My buddy wasnt as lucky, was pushed and joined DB back in Dec. Now he works like a dog.. Would I trade? No sire. Better king in hell than slave in heaven.

  12. Agreed. Better king in hell..

  13. I’m a a slave to love.

  14. DB is Europe’s most levered bank. It is destined for a very big fall. Watch this space.

  15. Hey Alan,

    is RWA and derivative IFRS accounting telling you anything?

  16. just two years ago everybody said the EXACT same things for UBS. Look at them now. I will see you on the way down fellas.

  17. they took their shot at AAA CDOs. And found out that AAA doesnt need to stay AAA forever. But I agree: constituents of the asset base are important, not the RWA itself.

    Will hopefully see you on your way up.

  18. I wear my DB pass around my neck WITH PRIDE.

  19. @ Dev: get a life..

  20. i am a former db now wasting my time waiting for deals to materialise in gs. db is just another bank. nothing to it folks. no more special than bs or lb or ml. same smug attitudes, different hq

  21. DB is not good :-p ..I know becuase I work there. Senior management have no clue

  22. Interesting nobody mentions JP Morgan…..did nobody notice their series of successes while every other bank is turning pale in the downturn ??

  23. DB is great if you live in Birmingham.. Not long now and all of Ops will be in brummie land! As monkey man said above Senior Management have no idea..

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