Chasing Limited Openings...reinvent themselves...Slow to Rebuild...smaller paycheck
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‘Some of these bankers will have to reinvent themselves’
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Deutsche Bank AG’s massive reorganization will leave thousands of finance employees out of work. And with firms throughout the industry running lean, they won’t all find jobs easily.
Hundreds of thousands of jobs have disappeared from the global finance industry since the 2008 crisis, and some of the biggest banks haven’t stopped cutting. Automation and new technology have been replacing workers while reduced risk-taking has trimmed demand in areas such as structured finance. Front-office headcount for investment banking and trading fell for a fifth year in 2018, according to Coalition Development Ltd. data. And hedge funds, which used to poach employees from Deutsche Bank’s equities business, have cut back in recent years.
Slow to Rebuild
Wall Street firms have been hiring but have yet to reach pre-crisis levels
‘Sheer Change’
Many leaving Deutsche Bank will find it harder to locate their next position. Thousands of the cuts are in the equities trading business Deutsche Bank is eliminating -- and that’s an area hit particularly hard by automation. For example, Goldman’s chief executive officer said last year that his firm’s stock-trading unit had three people doing the job once done by 500.
“A lot of the people coming out of DB are going to be very challenged to find jobs just because of the sheer change in the equity business,” said Michael Nelson, a senior recruiter at Quest Group. “When you are dispersing that many people globally, some of those people might have to leave the business.”
For those who are able to land a job, a smaller paycheck may be in the offing.
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