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Credit Traders Leave Over Pay Cuts
Shares in Deutsche Bank are trading 1% lower pre-market on Monday as the market reacts to news of further exoduses from the company’s esteemed credit trading group.
Deutsche Bank has suffered a steady stream of losses among employees following its announcement last year that it would be cutting 18000 jobs. The company highlighted plans to cut jobs and liquidate its stock trading business in a bid to plug large losses.
Along with the job cuts, Deutsche Bank has also been scaling back salaries. This includes those within its credit trading group whose members, often referred to as “rockstars” secure some of the highest salaries within the bank.
In light of the reductions in pay, an increasing number of traders have been leaving the company to go elsewhere. This is particularly challenging for Deutsche Bank given that credit markets are seeing some of their highest volatility in a decade.
Movements in the credit market have helped some of Deutsche Bank’s...
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