Predictably, Deutsche Bank's pre-bonus redundancies appear to extend beyond the investment banking division (IBD). Insiders say members of the German bank's macro trading team have been put on notice too.
Rates traders Nick Gray and Matthew Eaton are thought to be among the layoffs in Deutsche's fixed income division. Gray joined the bank as a graduate in Auckland in 2007 and joined the London linear rates trading desk in 2015. It's not known when Eaton joined the bank, but he's understood to have trading short end sterling rates products.
The exits come after Deutsche promised to get "aggressive" about cutting costs across the business in 2018. They also follow a strong fourth quarter in Europe for Deutsche's rates business and several big hires to Deutsche's macro business last year. They included former Scotia Bank consultant, Eric Zijdenbos, as a managing director in London in June and Greg Slawsky, a director-level rates salesman from BNP Paribas in New York in September/
Bloomberg reports that Deutsche is making up to 500 redundancies before bonuses are paid, so Gray and Eaton are unlikely to be the last to go. Deutsche's share price has risen following reports of the cuts.
Deutsche Bank didn't immediately respond to a request for comment.
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