Interesting exits from bank that announced intense bonus squeeze
Bonuses everywhere could be down a lot this year, but so far the general expectation is that they'll be down most of all at Berenberg, the privately owned German bank that revealed in November that it would be 'right-sizing' its cost base and that bonuses would be greatly diminished and possibly even disappear as a result.
With bonuses falling and costs being cut, people are leaving Berenberg - both voluntarily and otherwise.
In New York, insiders say ten sales, research and support professionals were cut last week. In London, the exits include Sarah Simon, a senior media analyst who'd been at the bank since 2010, Ross Law, a senior aerospace and defence analyst who'd been there since 2014, and Tom Burlton, an analyst who'd been there since 2018.
As a privately-owned bank, Berenberg doesn't offer stock, making it harder for it to retain staff in difficult periods, particularly in periods when it says contemporary cash bonuses are going to be minimal.
One of those leaving - Sarah Simon - wrote a recent client note flagging Berenberg's big cut to bonuses. It's understood that this was entirely unrelated to her disappearance, though.
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