DEUTSCHE’S TRACK RECORD IN SILVER EARNS IT YET ANOTHER FINE
Jennifer Hadiaris quits, confirming that DB will shrink US business
Having been at Deutsche Bank for just sixteen months, head of US equities market structure strategy Jennifer Hadiaris is leaving the company to join Cowen Group in a similar role.
The move is intriguing for two reasons:
- Insiders confirm that Hadiaris is departing because “there isn’t going to be a role for her by the time the full Department of Justice menu is made public”. The lady isn’t wrong. At the end of 2015 the bank had 10,842 employees in North America, about 10 percent of its global workforce – and Deutsche Bank’s Chief Financial Officer Marcus Schenck is still pushing hard for further job cuts….in the region of 10,000.
She was a key hiring in May 2015 as Deutsche at that time looked to the US for major growth in the near future. As I posted last Monday, geopolitical and electoral concerns behind the scenes are combining to push DB’s core operations elsewhere: anywhere, in fact, that isn’t North America.
- Either Jennifer Hadiaris is the fastest mover on Wall Street, or she had some serious advance notice about what was being discussed at the Department of Justice. This might suggest that Deutsche Bank has been less than honest with its shareholders. No change there then.
Consistent if nothing else, the Bank notched up another blot in the copy book yesterday as it emerged that Deutsche was to pay $38 million to settle allegations that it illegally conspired with other banks to fix silver prices at the expense of investors.
As is now normal in such cases, there’s no admission of guilt; but DB must’ve been bang to rights or else it wouldn’t have settled. So yes, a serious crime of rigging has taken place but no, nobody is going to jail.
Who was it talking about this sort of crap last Monday night? Oh yes, Donald Trump. You know, the bad guy….as opposed to good guy Hillary Clinton, who’s in bed with all these monsters like no candidate ever before throughout US history.