Deutsche Bank in NYC Conducts “Bloodbath” as Junior Bankers & Senior Execs are Terminated
Edited by: TJVNews.com
As finances, inflation and other economic woes continue to grip the world of business and banking, the New York Post reported that Deutsche Bank had surprised its employees on Tuesday in a round of layoffs that were not expected. The report indicated that some senor bankers at the German based bank had thought that those workers who were not terminated from their positions would report to work at the office for the remainder of the week, but those close to the matter said that they were quite disappointed, according to the Post report.
Speaking to the Post, one senior banker said, “The lights are literally off.” They were referring to the fact that the motion-detector lights at Deutsche Bank’s posh Manhattan offices on Columbus Circle only turn on when they sense there are people in the room, the Post reported.
The newest round of layoffs came as a result of a slowdown in deal making, and on Thursday the Post reported that a handful of senior executives at Deutsche Bank were let go as well as more than 20 junior bankers.
The Deutsche Bank Center in New York City is located at the former home of the Time Warner Center and those close to the matter were under the erroneous assumption that the remaining bank employees would show up to the office even after the terminations, the Post reported.
What did occur was that Deutsche Bank senior executives showed up for work and saw that desks were empty. The Post reported that this was a message from the bank’s employees that the anxiety associated with the loss of their livelihoods would not deter them from making a statement. This was especially true of younger employees who are normally proud to work at a posh glass tower that has an upscale shopping mall as well as breathtaking views of Central Park, the Post reported.
The executive that spoke with the Post said of the scene at the Deutsche Bank offices in New York oon Friday, “No one is in the office on a Friday — even after layoffs. The executive summarized the scene as similar to that of a “Ghost town.”
The Post reported that Deutsche Bank managers decide on how many days per week employees are expected to show up at the office as the bank operates on a hybrid work model as their official policy. At other financial institutions based in New York City such as JPMorgan and Goldman Sachs, it is their policy that employees are expected at their desks five days a week.
Sources told the Post that a number of senior executives at Deutsche Bank are showing up at the office for the five day work week but are peeved that the younger employees are not doing the same.
Industry insiders told The Post that even though a fewer number of higher-level Deutsche Bank executives were terminated from their posts including several managers, the younger junior bankers who lost their jobs in the bloodbath are perceived as more expendable on Wall Street generally.
A source told the Post that, “You can easily replace junior bankers with the next graduating class. Jamie Dimon isn’t going to have kids sitting around drinking lattes all day — banks aren’t welfare for overeducated Ivy Leaguers.”
