Irked by (lack of) perks ?
Bloomberg News reports that the list of perks at Deutsche Bank is shrinking fast.
Investment bankers at the bank have been told to travel coach class on trains; fewer are able to attend conferences and some former employees said severance pay was less generous than previous handouts. Even small treats like the daily fruit bowls are disappearing.
The frugal ethos described by half a dozen people with knowledge of the company’s policies reflects Chief Executive Officer Christian Sewing’s focus on saving after a series of botched turnaround efforts. The appointment of a new chief operating officer, Frank Kuhnke, as a direct report to Sewing is a signal that the CEO wants to have better control over processes and expenses. Kuhnke’s efficient yet blunt tactics have earned him the moniker ‘Frank the Tank,’ one person said.
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