Like most every other financial firm, Deutsche Bank has had its fair share of problems. FX and interest rate manipulation allegations, just to name a couple. So, how could they have avoided such calamities? More women, so suggests co-Chief Executive Anshu Jain.
Speaking at a business school in Berlin, Jain said that greater gender diversity might have helped Deutsche Bank and other banks avoid “some of the objectionable stuff” that has tarnished the industry, according to the Wall Street Journal.
“Show me any monolithic organization where everyone thinks, acts, looks the same– and you’ve got a very risky organization,” said Jain, who acknowledged that, two years into his run as co-CEO, Deutsche Bank is still “not as diverse as we’d like to be.”
However, the German Bank does seem to be taking “objectionable stuff” more seriously, even though executives tend to speak rather vaguely when describing exactly what that is. Earlier this year, Deutsche Bank sent a video to all investment banking staffers explaining that “vulgar” behavior will not be tolerated.
“Some of you are still are long way from meeting our standards,” said investment banking co-chief Colin Fan. “To be absolutely clear: our reputation is everything. It’s not OK to brag or to be vulgar or indiscrete. That will have severe consequences on your career.”
The bank is also making incremental steps to improve its gender diversity, despite Jain’s admission. Deutsche just named former French regulator Sylvie Matherat to its executive committee. She’s the first woman to ever receive the honor. However, the bank’s management board remains a dude-fest.
A month ago, I moved directly across from a bank’s headquarters. Here’s what I think I’ve learned about bankers so far.
We spoke to bankers and ex-bankers who’ve worked all-nighters and worn the same clothes for longer than is advisable, and this is what they suggest.
If you’re a skilled money manager looking for work, try giving Harvard a call. Three high-level managers at Harvard Management Co., the investment manager charged with overseeing the school’s $32.7 billion endowment, have left. Fund performance has been poor, particularly compared to that of other Ivy League schools.
Merrill Lynch brokers have endured the Bank of America merger for years, but now they’ve finally had it. Their business cards have been redesigned with a downsized bull and Bank of America colors. It is not going over well, to say the least.
BNP Paribas’s private bank plans to hire as many as 100 new wealth managers in the U.S. over the next three years.
Another top investment banker is headed to the buy-side. William Egan, co-head of Bank of America’s global financial institutions group, is moving to credit investment and private equity firm Oaktree Capital.
Here’s a bunch of career advice from former Galleon trader Turney Duff. It paints a kill-or-be-killed picture of the buy-side.
Buzz Around the Office
After two months in rehab, embattled (and unintentionally hilarious) Toronto Mayor Rob Ford is headed back to office. In a letter, Ford said he’d be back on June 30, “in the later portion of the afternoon.” He’s never really been a morning guy.
Quote of the Day: “Trading is like skinny dipping in a tributary full of piranhas. In my hedge-fund days, I used to mentally dress like I was out of the movie ‘Mad Max’: Spiked shoulder pads, a helmet and homemade hobnailed boots. My motto was: ‘Don’t be afraid, just paranoid.’ Suspect everyone and protect yourself.” – former Galleon trader Turney Duff