If today's announcement by Deutsche Bank CEO, John Cryan, is to be believed, total group headcount is set to be reduced by 9,000 souls. Note that these reductions will come from a year-end 2016 flock of 99,744 (which, by the way, is still within 2.3% of the all-time high of 102,062 set at year-end 2010). We decided to look into our DB model to take a quick read of the expected pace of these reductions. Here's the setup: Over the 40 quarters from Q1-2007 through Q4-2016, 21 of those quarters represented total headcount reductions. Furthermore: The maximum headcount reduction in a down quarter was -2,256 FTEs (full-time equivalents); The average headcount change over the 40 quarters (not counting an acquisition in Q4-2010) was 880 FTEs; and, The average of the 21 quarters with headcount reductions was -668 FTEs Separate from an outright sale of a business segment (which is being contemplated here in the form of its DB Asset Management arm), organic shrinkage is painful and can take more time than originally anticipated. At [...]
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What Does Citadel* Spend on Technology?April 18th, 2018
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