Deutsche Bank just layed off their entire Houston Investment Banking group

I work 3 floors below them at another bank. There were rumors over the last few weeks that layoffs were coming, but I don’t think anyone imagined cutting the entire group. DB is a pretty reputable group in the energy IB space so I’m shocked as hell. I’d say they have around ~75 to 100 people in the group.

Worst part is it had very little to do with the groups performance. They’re also expected to cut a ton of other IB groups across the U.S. Absolute dumpster fire of a bank that still hasn’t recovered from 2008.