We stood outside Deutsche Bank's New York office the day after 18,000 layoffs were announced. Here's what we saw.
- Sunday's announcement that Deutsche would be laying off 18,000 employees was swiftly followed by actual layoffs in New York City this post-holiday Monday.
- Even though it was mid-morning after a holiday weekend and prime time to get into the office a little late, the door was almost exclusively letting people out. At one point, roughly five people were leaving a minute, while maybe one came back inside a few minutes later.
- Multiple people who left the building indicated that they were worried that more layoffs were coming.
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As a steady, soft drizzle blanketed Wall Street on a sleepy Monday morning, some Deutsche Bank employees left the office earlier than expected.
Sunday's announcement that Deutsche would be laying off 18,000 employees was swiftly followed by actual layoffs in New York City this post-holiday Monday. The gloomy weather matched a low mood that has been hanging around the office for over a week.Reports of Deutsche's imminent restructuring were floating around for weeks, after an ambitious merger with Commerzbank collapsed and the bank became the focus of an FBI money-laundering investigation that was connected to Jared Kushner's real-estate company.
Deutsche's share prices fell Monday after the layoffs, continuing a long-term downward trend. Here's a short dispatch from outside Deutsche Bank's Wall Street offices.