Complaints of 'heartless' cuts as Deutsche Bank people move to Cowen

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Complaints of 'heartless' cuts as Deutsche Bank people move to Cowen

Outside Deutsche Bank today

As Deutsche Bank cuts its equities trading and most of its sales staff globally, some have already found new jobs. 

Matthew Cyzer, the head of sales trading at Deutsche Bank in London, is understood to be moving with a team of around ten people to Cowen, the U.S brokerage firm which is building its presence in London. Cyzer didn't respond to a request to comment on the move, but a colleague confirmed that he has left the bank as of today. Kevin Lo Primo, a managing director at Cowen in London, declined to comment.

Meanwhile, as the dust settles, it's becoming apparent that not everyone in Deutsche Bank's equities business is being let go after all. London headhunters said the bank is keeping all but four (or so) of its equity researchers and a very small number of salespeople in order to support its reduced equity capital markets (ECM) business. In New York, insiders said six sectors are being retained (including consumer and healthcare) and that 12 U.S. sales staff are moving to research to a) keep their jobs and b) support the ECM business. Another 12 staff are said to be staying to wind down the derivatives business and (probably) to move the prime business to BNP Paribas.

Insiders say that the cuts in London include a single parent with an ill child in hospital, whose exit today is widely felt to have been inappropriate. "People are very upset about it," says one.

A London headhunter says he's been advising Deutsche equities staff who've kept their jobs not to leave the bank voluntarily. "There just aren't that many jobs out there and Deutsche Bank is still a good platform," he says. "It's not like if you leave, you'll go to a JPMorgan or a Morgan Stanley - you'll end up at a boutique or a second tier bank. A boutique is a big step down and second tier banks have problems of their own right now."

In New York, one headhunter said Bank of America is likely to be interested in Deutsche's equities staff and that Canadian banks like BMO Capital and TD Securities could hire them too. 

Deutsche Bank didn't respond to a request to comment.

Photo: Tristan Bejawn, copyright eFinancialCareers

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