Commenting on job losses, Jain said: 'We are still dimensioning all of that. (However) we expect it (the final job loss number) to be above the target of 1,900 (announced in July)'.
Reuters also reports that Jain talked about the bank's need for cultural change. 'The burden of cultural change will fall disproportionately in the investment bank', he said, as the unit had been responsible for the 'most asymmetric' division of revenue between bankers and shareholders in previous years.
'The payout ratio, it's got to go down. Employees must make their contribution', he said.
'Compensation practices are one important way to achieve behavioral change and align incentives to longer-term sustainable performance on behalf of all stakeholders', Jain added.
And on the job loss front, Bloomberg reports that three Deutsche Bank credit traders including Brad Visokey and a debt salesman left the firm this week.
Visokey, who traded credit-default swaps tied to lenders and automakers, and Robert Lam, who handled swaps on insurance companies, left the bank’s New York office Monday, said two people familiar with the matter who asked not to identified because they haven’t been announced. Christopher Park, a vice president in credit trading, and James Bertoni, an associate salesman, also left, people familiar with those moves said.
Finally, Bloomberg reports that Deutsche’s overhaul looks set to leave Europe’s largest bank with thinner capital buffers than peers.
Deutsche Bank plans to boost core tier 1 capital to at least 8% of assets weighted by risk under Basel III rules by the end of March 2013, and to more than 10% two years later, co-CEOs Anshu Jain and Juergen Fitschen confirmed in Frankfurt Tuesday. Its biggest competitors will reach similar levels months or years sooner, based on forecasts from the banks.
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image: © Justin Marty