‘Ghost town’: Deutsche Bank’s junior bankers avoiding the office — even after layoffs
After a surprise round of layoffs at Deutsche Bank on Tuesday, some senior bankers had expected to see surviving employees diligently showing up to the office for the rest of the week — and they were sorely disappointed, insiders told The Post.
“The lights are literally off,” one senior banker complained to The Post — referring to the fact that the motion-detector lights at Deutsche Bank’s posh Manhattan offices on Columbus Circle only turn on when they sense there are people in the room.
On Thursday, The Post was first to report Deutsche Bank axed more than 20 junior bankers — as well as a handful of senior executives this week — amid a slowdown in dealmaking.
Insiders had assumed the bloodbath would inspire the rank and file to schlep into the bank’s enviable New York City offices at the Deutsche Bank Center — formerly the Time Warner Center.
Nevertheless, senior executives were greeted with empty desks on Friday, a sign that not even the fear of losing a job — not to mention the bank’s posh glass tower that boasts sweeping views of Central Park and a swanky shopping mall downstairs — can bring younger workers back to their desks five days a week.
“No one is in the office on a Friday — even after layoffs,” the exasperated executive added. “Ghost town.”
Deutsche Bank’s official policy is a hybrid work model, with managers making the call on how many days of face time per week are required. That’s easier than the five-days-a-week policy at Goldman Sachs and JPMorgan.
Still, many of Deutsche Bank’s senior executives are coming in five days a week — and are annoyed that the younger set isn’t doing the same, according to sources.
Earlier this week, insiders told The Post that while a few higher-level Deutsche Bank executives — including several managing directors — were laid off, junior bankers are viewed as more expendable on Wall Street generally.
“You can easily replace junior bankers with the next graduating class,” a source said. “Jamie Dimon isn’t going to have kids sitting around drinking lattes all day — banks aren’t welfare for overeducated Ivy Leaguers.”
A Deutsche Bank spokesman declined to comment.