Deutsche Bank laid off staff from Sydney to New York on Monday as they began to make 18,000 jobs disappear in a 7.4 billion euro (RM34.38 billion) “reinvention” plan to scrap their global equities unit and trimming fixed-income operations.
Germany's biggest lender aim to strengthen businesses like asset management, currency trading, corporate-cash management and trade finance that support their narrower focus.
Chief Executive Christian Sewing (left) said the investment bank would come out of the restructuring smaller but more stable.
This, of course, will mean Deutsche Bank are set to make a loss yet again – that would put them in the red for four of the past five years after a succession of damaging disappointments.
Yet, on that same Monday, managers had ordered tailors to attend to them at their London office!
Sewing, I’m certain, must have been appalled. “I can’t understand that someone would call tailors to fit suits on Monday. On the same day, we had to tell many colleagues in share trading that they had to leave as we were closing their department”.
Sewing told German business daily Handelsblatt’s Friday edition he had given them a piece of his mind. “I expect the two colleagues won’t forget my call”, he grimly said.
London-based Financial News reported the custom-tailored outfits from Fielding and Nicholson were worth as much as £1,500 (RM7731) each.
I guess they were indulging themselves because they were happy they still have their plum jobs! I don’t think they give a damn about their colleagues…errr, ex-colleagues.
Yesterday, I was at Pantai Hillpark Phase 2 in Jalan Pantai Murni 1 in Bukit Kerinchi, KL – an invite from Kim Low had brought me there for the Bangsar South Gavel Club meeting.
I evaluated a young girl from Mumbai, India who delivered her CC#3 Get to the Point speech.
I suppose you can call it a speech showcase.
This is project speech #775.
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