DB - Deutsche Bank fires some bankers as dealmaking activity cools down - report
- Germany's Deutsche Bank ( NYSE: DB ) has laid off 20 New York-based junior bankers and a number of senior staff within the lender's Origination & Advisory business, people familiar with the matter told the New York Post on Thursday.
- The job cuts came as the bank seeks to better manage costs in the wake of a broader slowdown in dealmaking activity spurred by rising interest rates and growing recession risks.
- Nevertheless, DB's O&A segment, which advises firms about prospective mergers and acquisitions and offers loans, has hired a mix of 15 managing directors and directors globally so far in 2022.
- Of note, Deutsche Bank ( DB ) along with many peers hit the refresh button ever year by removing the bottom underperformers as part of its efforts to manage its overall business sufficiently.
- Deutsche Bank declined to comment to Seeking Alpha.
- Last week, (Oct. 12) Deutsche Bank credit rating raised at Moody's on prospects for lending returns .
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Deutsche Bank fires some bankers as dealmaking activity cools down - report