The move effectively cuts down costs for the bank.
The New York Post reports that Deutsche bank is cutting back financing its laid-off bankers’ Hamptons summer breaks.
The bank is shortening the paid periods during which laid-off bankers cannot go to a competing firm — called “gardening” leaves — ahead off planned mass layoffs, the newspaper has learned.
Deutsche, led by CEO Christian Sewing, is shortening the leaves for some senior bankers to 30 days, down from about 60 or 90, two sources told The Post.
The move effectively cuts down costs for the bank, since the bank pays out base salaries for the entire leave period, one source briefed on the changes said.
While Deutsche Bank has been cutting leave for some — including those on an energy team in Houston that was let go this month — it hasn’t codified the changes into a formal policy, another source said.
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