Deutsche bank - contractors under trouble

[secontrator]

Hi all,

I heard through a friend that DB is undergoing a restructuring program so, all the hiring managers have been told to cut the contractors by 40%.

alarming.....

[northernladuk]

Hi all,

I heard through a friend that DB is undergoing a restructuring program so, all the hiring managers have been told to cut the contractors by 40%.

alarming.....

As this is at the very least 3rd hand it can't be taken as anything but alarmist gossip surely? Anything else to back this up?

[speedo]

Working as a contractor at DB there are noticiable cuts going on across the board.... however some business functions maybe hit harder!

[BlasterBates]

Yup, could be, they just lost a landmark case against a company. They've been selling very risky currency swap deals to medium sized companies and local councils. They will now have to compensate them all. They're under a lot of pressure. Basically they would offer a company a swap from EUR into another currency with a lower interest rate, but when the other currency drops the company loses millions which is what happened. Now Deutsche will have to cough up. It is actually a huge sum. During the case they argued it might be bankrupt them, now they're saying it isn't a big problem, but obviously it is very painful.