The Times reported last week that Commerzbank had to recall a number of proprietary traders, a short time after they had been fired, as they hadn't fully unwound their positions. Unsubstantiated tales are now circulating that some managers have been telling staff to 'leave the building' without involving Human Resources staff, who are said have been baffled about what is truly going on and are believed to have fought to regain control of the situation. All-in-all, it appears a right sorry mess. And The Evening Standard has now said that the axings last week seem to have got off to a somewhat less than professional start.
According to the newspaper's 'City Spy' section, 'last week's grisly declaration of hundreds of City job losses was made to staff via an internal TV broadcast'. The story goes that the new boss of the securities unit, Nicholas Teller, transmitted live to staff. In what wags have described as 'Tellervision', Teller is said to have 'reeled off the closures department by department'. How sensitive.
The firm's staff in New York and Tokyo are said to have learned of the closure of their offices via an 'abrupt email (which) flashed up on their screens'. Nice.
Finally, The Wall Street Journal has reported that the bank has now confirmed that it will cut around 60 of its 90 London-based research staff as Commerzbank cuts its global investment banking research capability by 50%.
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