The Deutsche Bank has seen several of its staff being laid off over the last couple of months, and it seems that the trend is ongoing. The bank has been under pressure from investors who suggested that the bank should pull out of any enterprises that have proved to be non-profitable.
One of the German lender’s most promising prospects is reportedly leaving his position at the bank. Niru Raveendran, Deutsche Bank’s head of credit trading for Central and Eastern Europe, maybe one of the latest to leave the bank as the series of layoffs at the bank continues.
Raveendran was recognized as one of the bank’s rising stars as his department racked in significant profits for the bank and its investors. During his tenure, fixed income traders acquired $35 million in profit in two weeks. These two weeks coincided with the economic turmoil in Turkey at the time, and Raveendran was responsible for the amassing of this profit.
According to his LinkedIn profile, Raveendran has gained experience at some of the top financial firms in the world. The profile says that he worked at JPMorgan Chase & Co as a flow credit trader and at BNP Paribas SA where he gained vast experience in a crossover, high yield, and investment-grade credit.
Staff exodus and job losses
In July, Deutsche Bank announced that it would be pulling out of certain investments such as global equities and these moves would result in the loss of 19,000 jobs. To date, over 1000 of the bank’s workers have been laid off, and the layoffs are expected to continue aggressively in the next few weeks.
Dimitri Rigopoulos and Matt Oxley, some of the bank’s rising assets in market trading have left the bank. Divya Goel, a director in the sale of emerging markets’ FX also left German lender. These are a handful of notable names on a long list of workers that have been relieved of their jobs at Deutsche Bank.
The job cuts at the bank are likely to affect one out of every six full-time positions at the bank’s headquarters and all its international branches. It is expected that the job cuts will run well into 2020 until close to 20,000 workers have been laid off.
Investor pressure
Deutsche Bank’s investors have been calling for the bank to cut its costs and stop engaging in any business that isn’t bringing in any profits. The pressure increased after a possible merger with Commerzbank fell through during talks.
The bank is engaged in negotiations with potential buyers from around the world for a number of its assets. Deutsche Bank’s US equities business has been scaled down and so has the prime brokerage and equity derivatives business of the bank.