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Deutsche Bank MDs Fitted For $1,900 Suits As Thousands Of Employees Lost Jobs
07-10-2019, 06:02 PM,
#1
Deutsche Bank MDs Fitted For $1,900 Suits As Thousands Of Employees Lost Jobs
Deutsche Bank MDs Fitted For $1,900 Suits As Thousands Of Employees Lost Jobs

<p>Earlier this week, we drew attention to a photo of <a href="https://www.zerohedge.com/news/2019-07-09/scene-outside-deutsche-bank-offices-evokes-lehman-collapse">what we (and much of the Internet) assumed were freshly fired Deutsche Bank employees</a> heading for the exits after cleaning out their desks.</p>

<p>At the time, we felt the photo was notable, if for no other reason than one of the men pictured was carrying a 'Bitcoin' bag, which allowed us to joke about junior DB bankers inundating crypto startups with resumes.</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/Screen%20Shot%202019-07-09%20at%205.17.27%20AM_0.png?itok=agQ53TO4" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/Screen%20Shot%202019-07-09%20at%205.17.27%20AM_0.png?itok=agQ53TO4"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/Screen%20Shot%202019-07-09%20at%205.17.27%20AM_0.png?itok=GJS2dcyn 1x" media="all and (min-width: 1280px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/Screen%20Shot%202019-07-09%20at%205.17.27%20AM_0.png?itok=GJS2dcyn 1x" media="all and (min-width: 480px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/Screen%20Shot%202019-07-09%20at%205.17.27%20AM_0.png?itok=GJS2dcyn 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=GJS2dcyn 2x" media="all and (min-width: 1024px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/Screen%20Shot%202019-07-09%20at%205.17.27%20AM_0.png?itok=GJS2dcyn 1x" media="all and (min-width: 768px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Screen%20Shot%202019-07-09%20at%205.17.27%20AM_0.png?itok=agQ53TO4 1x" type="image/png"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="2143128d-5fdd-426b-b26e-db9318f55490" data-responsive-image-style="inline_images" height="270" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/Screen%20Shot%202019-07-09%20at%205.17.27%20AM_0.png" alt="DB" typeof="foaf:Image" /></picture></a></p>

<p>But as we learned on Wednesday, the story behind the photo is much more complex - and a much worse look for the bank's managers, who accidentally stumbled into an embarrassing PR blunder.</p>

<p>As <a href="https://www.fnlondon.com/articles/deutsche-mds-had-1-5k-suits-fitted-while-bank-was-firing-staff-20190709">Financial News</a> reports, on the morning that DB was beginning the process of laying off 18,000 employees, some MDs in its London office were getting fitted for suits that cost £1,500 ($1,875).</p>

<p>The two men pictured above? <strong>They're not traders or analysts - they're tailors. </strong>Those are garment bags they're carrying. Their names were Ian Fielding-Calcutt and Alex Riley, and they work for Fielding & Nicholson Tailoring.</p>

<blockquote>
<p><strong>"It was just a coincidence that we were snapped coming out of the building at the time others were being sacked," </strong>Fielding-Calcutt, the owner of the tailoring firm, told Financial News.</p>
</blockquote>

<p>On Sunday, DB unveiled its $8.3 billion restructuring plan, which involves suspending its dividend, shuttering its global equities business, and dramatically reducing its headcount, and will likely result in the bank booking a net loss this year. The layoffs began on Monday at the bank's offices in Asia, then continued throughout the global day.</p>

<p>And the layoffs were telegraphed well in advance, <strong>meaning that the MDs knew they would be getting fitted for suits as thousands of employees were being let go. <em>They just didn't care. </em></strong></p><img src="http://feeds.feedburner.com/~r/zerohedge/feed/~4/zFe033LmdwA" height="1" width="1" alt=""/>


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