Dividing Up Deutschland

Deutsche Bank, which said in April it didn't expect to cut jobs, has jumped aboard the second quarter earnings bandwagon and yep, made a dent.

The German bank will cut 1,900 jobs in total, most of them outside Germany, with 1,500 at the investment bank. The layoffs will help the bank save three billion euros in the wake of disappointing earnings results due to the eurozone crisis.

The bank had 10,079 employees at the end of June.

"Difficult economic conditions and financial markets, increased regulatory oversight and litigation are known headwinds for us and the industry. These headwinds don't excuse us from growth," Co-Chief Executive Anshu Jain said on a call with analysts yesterday. "Put simply: our cost base is too high."

For the lucky people who keep their jobs, they'll now have to worry about their bonuses: Deutsche pays a portion of bonuses in deferred euro-based cash. So as the value of the euro goes down, so too does the value of a prospective bonus.

Here's hoping it appreciates sooner rather than later.

Staffing Up (Cantor)

Cantor Fitzgerald continues its plans of world domination. The firm just hired 17 for its new corporate advisory business in London.

Not Quite Over (Here in the City)

This summer's round of layoffs isn't the finale, analyst Meredith Whitney warns. She thinks we've got another 50,000 cuts to go.

Swiss Holes (UBS)

UBS cut 723 jobs last quarter, the bank announced yesterday in its second quarter earnings. Since last year, the bank has shorn 1,300.

Go Big or Go Home (Mergers & Inquisitions)

A top tech investment banker can be considered as much of a rock star as the CEO of a company they're working on. You don't even need a background in tech to make it.

Best of the Best (WSJ)

Here are your new chief financial officer overlords. WSJ rounds up the creme de la creme across multiple industries.

Going for Gold (Financial News)

Peter Hudnut is set to join Goldman Sachs's private bank later this summer. Nothing too unusual there. Except before he does that he'll have the opportunity to medal at the Olympics in water polo.

Buzz Around the Office

Momma's Boy (Washington Post)

A New Zealand kayaker received a two-second penalty in the Olympic slalom on Sunday by a strict international judge – his mother.

List of the Day: Body Language Counts

You made it to the important meeting. Great! Now don't mess it up.

1. Take a seat at the table, not along the wall, and spread out.

2. Take some notes, not too many.

3. Make eye contact and nod occasionally.

(Source: The Daily Muse)