2021 has been a big year for Deutsche Bank’s US operations. As anyone who follows the bank on social media knows, a swanky new office in New York has opened at Columbus Circle, and Deutsche’s US executives have made sure everyone knows about it.

However, despite the new office and despite Deutsche’s comparative success (compared to its performance in previous years) in US investment banking, there are signs that the German bank is still having trouble in the US market. Today’s DB HR report reveals that 21% of people left Deutsche’s US operations in the past year.

This was considerably more than the 16% of people overall who left APAC, the 13% who left EMEA, and the 5.5% who left DB in Germany. Deutsche cut a few people in its US infrastructure functions last year, but 17% of those who left its US operations did so voluntarily.

Why would that be? After all, Deutsche not only had its new office with its rooftop garden and living wall as an attraction in New York, it also pays unusually high salaries to its New York bankers and has a number of its executives there. superiors. London bankers even complained that the United States seemed to be getting preferential treatment.

The HR report doesn’t give much beyond bald numbers. It seems that DB’s US operations were particularly affected by the “big resignation”, while its German operations managed to ignore it altogether.

The exits mean Deutsche has a greater need to continue hiring and replenishing staff in the United States. Although 17% of people left voluntarily, the workforce of DB Americas only fell from 8,300 in 2020 to 7,700 in 2021. The American company therefore hired 800 people externally last year (or moved them DB offices elsewhere).

The US departures come despite a rising approval rating among Deutsche Bank employees globally. Deutsche Bank’s new compensation report revealed surprisingly low bonuses in investment banking for the past year, but that won’t have been a factor as bonuses for 2021 were only announced this month -this.

The Great American Resignation at Deutsche Bank:

Source: comics

Click here to create an eFinancialCareers profile. Let the recruiters who hire for the best positions in technology and finance discover you.

Have a confidential story, tip or comment you’d like to share? Contact: [email protected] first. WhatsApp/Signal/Telegram also available (Telegram: @SarahButcher)

Be patient if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans may be asleep or away from their desks, so your comment may take a while to appear. Eventually, it will – unless it’s offensive or defamatory (in which case it won’t.)

Photo by Renee Fisher on Unsplash