The Deutsche Bank bonus fallout is still a thing. The latest exit is James Gray, Deutsche's European head of its ABS syndicate. Gray left today according to Deutsche insiders.
It's not clear where Gray is off to (if anywhere), but his exit comes before Deutsche's non-bonuses are paid at the end of this month. It also comes not too long after a big promotion. - Gray was only made head of the European ABS syndicate team in August 2016.
A Cambridge University graduate, Gray Deutsche started for working for Deutsche in 2010 after completing an analyst programme at Nomura in 2008. His elevation to head of the division just seven years after graduating looks fairly impressive.
Gray isn't the first to leave Deutsche Bank after this year's bonus round. David Steckl, Said Boujnah and Igor Akulov also left earlier this month in London and New York. Exits at Deutsche have been modest in light of the 80% reduction of the bonus pool, however. "There are no bids," says one headhunter.
Deutsche Bank is cutting costs. It wants to trim another €3.1bn from its cost base by 2021, but has said it won't be cutting headcount in the front office.
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