Today: 26.05.2018
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Deutsche Bank shortens paid periods for laid-off staffers.

Deutsche bank is cutting back financing its laid-off bankers’ Hamptons summer breaks. The German 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 Post has learned. Deutsche, led by CEO Christian Sewing, is shortening the leaves for...
Time: 22:19     Date: 16.05.2018
Last US Business News: Deutsche Bank shortens paid periods for laid-off staffers. NY Post 24 - US News

The German 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 Post 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.

The move is expected to save the German bank a hefty sum of money.

The average total compensation in 2017 for executives at a global bank was $961,000, according to a compensation survey by head-hunting firm Options Group.

That could add up as Sewing is reportedly planning to lay off more than 10 percent of its 10,000-person workforce.

Sewing was named CEO in March after investors lost patience with the previous top executive, whom they blamed for a slow turnaround of the company’s share price and continued regulatory troubles.

In April, Sewing said he would “redefine the core of our bank” and move away from investment banking and trading in the US, while laying off about 400 employees in the US.

Troy Gravitt, a bank spokesman, declined to comment.

Business

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Opinion

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Living

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Business

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Metro

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Sport

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