Deals
At Deutsche Bank’s U.S. Unit, Anxiety Grows Before the Ax Falls
- Firm likely to dismiss some pricey recruits from recent years
- New CEO Sewing is said to travel to New York to bolster morale
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The gossip inside the Beverly Hills Hilton kept taking an unexpected turn -- toward, of all things, Deutsche Bank AG.
In chandeliered conference rooms and marble-floored hallways, Wall Street A-listers chatted, with no shortage of schadenfreude, about the German bank’s recent capitulation: After two decades trying to build one of the world’s top investment banks, it’s settling for something less -- and may eliminate thousands of jobs, especially in the U.S.