Top firm to protect fixed income after cuts, steps up graduate hires across the board

Graduation

At least some good news.

Bloomberg News reports that Deutsche Bank vowed to maintain its position in fixed-income trading after recording its weakest second quarter in that business since the global financial crisis, as CEO Christian Sewing accelerates the lender’s turnaround effort.

Income from buying and selling fixed-income securities slumped 17 percent from a year earlier to 1.37 billion euros ($1.6 billion), the lowest figure for the period since 2008, Germany’s largest bank said on Wednesday. The five largest U.S. investment banks saw total debt trading revenue rise by 6.7% over the same timespan.

Finally, Bloomberg also reports that Deutsche Bank increased the number of university graduates it hired this year as part of a group-wide cost cutting drive that’s also led a string of veteran executives to leave the firm.

The bank hired 774 graduates from the class of 2018, a 20% increase on last year and the second-highest figure in at least half a decade, according to a presentation slide provided by a spokeswoman. Half of those graduates were hired for corporate finance and technology.

Deutsche Bank Vows to Defend Fixed-Income Trading After Cuts

Deutsche Bank Steps Up Graduate Hiring

 

 

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