Last Thursday was Deutsche Bank’s non-bonus day. If Deutsche Bank were paying bonuses, Thursday was the day it would’ve splashed them out. In the event, Deutsche Bank’s bonus pool was down 80% and Thursday was a day of disappointment. People are free to leave.
At least one Deutsche Banker is said to have quit already. Insiders say David Steckl, Deutsche’s co-head of structured rates sales in the U.S., has gone to UBS. Steckl joined Deutsche from Credit Suisse in December 2012 as the bank set about growing its U.S. macro business. He’s the latest in a succession of exits from the U.S. rates team – Chris Yoshida, the New York-based global head of rates distribution, left last year, as did head of U.S. rates sales Bryan North-Clauss.
Deutsche Bank declined to comment.
In London, headhunters are joking about setting up shop in the Globe Pub on Moorgate – across the road from Deutsche’s office on London Wall. “People at Deutsche are much more receptive to approaches from headhunters than they used to be,” says one, claiming that senior Deutsche bankers are “bitter and depressed” and that juniors “just want to get out.”
This might be the case, but Steckl aside exits from Deutsche have been comparatively light. Two weeks ago, CEO John Cryan promised to bring the “fun” back to Deutsche after cutting another €3.1bn of non-front office costs and raising another €8bn of capital. At that time, headhunters said Deutsche staff were pulling together against the recent adversity.
Deutsche is also paying retention bonuses to a small number of the staff it values the most. However, as we reported previously, these come with punitive conditions attached and require Deutsche’s share price to rise by 26% between now and 2021.