There is good news and bad news for investment bankers at Deutsche. The good news is that revenues are holding up. The bad news? Deutsche hasn't finished cost cutting.
Bloomberg reports that Jain, Deutsche's co-CEO and the former head of its investment banking division, delivered the mixed news during a speech in New York today. Deutsche's second quarter revenues were sound, Jain said. However, he added that the bank will continue incurring costs associated with expense reductions until the fourth quarter - implying that jobs at the German bank may not be safe yet.
Deutsche Bank announced 1,900 job losses in July 2012, and said it was cutting 900 front office bankers in September. This year is supposed to be about cutting non-compensation costs at the bank. However, Deutsche cut 254 front office investment bankers from its corporate and investment bank in the first quarter, plus another 327 people from its investment banking back office.
RBS is cutting 60 jobs in credit trading. (Financial News)
It’s possible that RBS will be split into a good and bad bank. (Financial Times)
The Archbishop of Canterbury and Nigel Lawson want RBS to be broken up. (The Times)
By the end of this year 20% of RBS’s assets will be bad assets. (BBC)
It’s not looking good for UK M&A. (ONS)
The European Union is delaying the vote on its fund management bonus rules. (Bloomberg)
A terrible tale of Wall Street excess. (Dealbook)
Man uses Excel spreadsheets to create beauuuutiful art. (Spoon Tamago)