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Deutsche Bank's US employees are a lot less prone to leaving nowadays

Something has occurred at Deutsche Bank in the US. A few years ago, the bank had a problem retaining people there. Not anymore. 

Today's non-financial report from the German bank shows that staff turnover in the Americas fell to 11.1% last year. In 2021 and 2022 it was 20.6% and 20.2% respectively.

What has occurred? Deutsche Bank didn't immediately respond to a request to comment, leaving us to suggest that it might be related to the bank's fancy new Columbus Circle office. Who would leave when you can work with a view overlooking Central Park?

In fact, we suspect that Deutsche's new stickiness might have something to do with the fact that staff turnover was down at most banks in the US last year. Bank of America CEO Brian Moynihan said in January that turnover at BofA fell to 6% in the fourth quarter and to 7% in the full year. Turnover at Bank of America is usually 12%, said Moynihan. 

Will Deutsche Bank go back to losing 20% of its American staff every year when things get back to normal? Maybe so. In bad markets, though, the German bank also has a special power: it has a long history of paying unusually high salaries in the US and when bonuses are likely to be down, no one will want to walk away from high fixed pay.  

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)

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Photo by Zachary Spears on Unsplash

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AUTHORSarah Butcher Global Editor

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