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October 4, 2012Investment Banking which used to be the profession of choice for every MBA and Financial Professional can’t seem to find a break. The death of Lehman and Bear Stearns in 2008 has not stopped the bleeding. Despite a couple of years of relative calm as Central Banks bailout out the other investment banks, I-Banking keeps taking knocks from both the regulators and the markets. We have kept indicating how massive job losses are continuing in the industry as investment banking CEO’s try to align the costs with the falling revenues.
Europe has been particularly hard hit by the slowdown in deals, with investment banking fees in the region so far in 2012 falling to levels not seen in 10 years.
“We all will need to be accustomed to the new normal,” said Jake Donavan, head of corporate and client coverage for Europe, Middle East and Africa at JPMorgan. “This is not just a question of waiting for the economic boom times to return. We’re in a potentially protracted period of more subdued growth.
Poisoning the New Danger
Now a new danger has come for investment bankers from an unknown source. Deutsche Bank employees were apparently poisoned in Germany after inhaling a white powdery substance delivered hours before, and which spread via the building’s air conditioning system. This comes in the face of falling business with investment banking revenues in Europe the lowest in 10 years. Note that investment banking is rocking in other parts of the world with big banks like Nomura and Barclays cutting down their investment banking business. Falling revenues and Job Losses are the New Normal for Investment Banking. Investment Banking which recovered in 2009 after a massive dose of stimulus, is facing the harsh return to the mean reality. Bank of America which went on a buying binge is now being forced to reduce as its revenues have collapsed. Nomura, the Japanese Bank which had visions of becoming a global bulge bracket bank has been rocked by scandals and losses. It is cutting investment banking jobs in the Middle East as delusions of grandeur face red ink. Deutsche Bank which had announced job cuts only outside Germany is rumored to be cutting jobs in its home market as well.
On Friday afternoon marched forces of police and firefighters from the Deutsche Bank building in Schkeuditz. Around 40 people have been injured by inhaling a dangerous, but so far unknown substance.
The package with the white powder had been delivered in the hours before. With great probability the substance spread through the air conditioning throughout the building.
40 people were contaminated there, the entire office complex and an adjoining nursery were evacuated. More than 100 people were affected by the safeguards. The police and firefighters are having a large contingent on site to accommodate the investigation into the powder and its origin.
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