Not only is Deutsche Bank apparently slow-walking a massive layoff of its US operations, and getting slapped on the wrist yet again by US regulators, but according to The NY Post, Sewing and his team are now looking to save a few shekels by shortening up the timeframe on paid non-compete periods for the aforementioned angry mob of departed Amerikanisch bankers.
The German bank is shortening the paid periods during which laid-off bankers cannot go to a competing firm — called “gardening” leaves — ahead off planned mass layoffs, The Post has learned.
Deutsche, led by CEO Christian Sewing, is shortening the leaves for some senior bankers to 30 days, down from about 60 or 90, two sources told The Post.
While this move is a totally logical and legal way to cut costs, it does not engender the laughingstock that is Deutsche Bank to prospective hires when and if Sewing and Co. ever need to rebuild Deutsche Bank US. Cutting down on Gardening leave in the middle of Spring is the kind of shit that people never forget, and memories will already have to get pretty short for top talent to ever look longingly at Deutsche Bank ever again.