less analysts, less VPs, more MDs

less analysts, less VPs, more MDs

Deutsche Bank’s London subsidiary (the opaquely named DB Group Services) has posted results for the year ending 2022. While most things are as expected (turnover is down marginally), some things are not.

DB Group Services breaks out employees at Deutsche Bank in London by rank. Remarkably, whilst the number of people working at almost every level at Deutsche Bank in London went down – including those without a title – the number of Managing Directors (MDs) at the bank actually went up.

There were more than 10% fewer analysts, 5% fewer associates, 7% fewer AVPs, 1% fewer VPs, and 3% fewer directors. There were, however, 7% more MDs.

There are a variety of reasons this might be the case. Title inflation is a pretty common way for banks to keep their people on their side without having to splash out for huge raises. As we’ve said before, it’s cheaper to promote people than to pay them, and Deutsche Bank is no different. It’s odd to see more MDs than associates and analysts, though.

This is far from the first time that we’ve seen this happen at Deutsche Bank, though. In 2019, similar accounts told us that there were twice as many MDs and directors as analysts and associates. That number is now three times as much.

It probably doesn’t help that Deutsche is hiring senior bankers from other places, including Credit Suisse. By July alone, the bank said it had added 50 new senior bankers in 2023. 

Pay at the London office was also surprisingly flat, all things considered. The slight downturn in headcount was accompanied by a slight decrease in salaries and wages (a UK legal term that means “salary and bonus”) paid, and total compensation was just slightly up – from £226k ($275k) per head to £227k ($276k).

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