INSIDER SCOOP “Every day you’re taking a new hill. Every victory is celebrated, every accomplishment is heralded. We’re not under assault, but we’re changing the existing order. It adds a lot of excitement. The other side is that it’s never easy. You earn every stripe. Every hill you’ve got to climb from the very bottom. But if it’s that versus defending the hill, I’d rather be the guy who’s trying to scale.” But is it a Nice Water Cooler? Employees note that perks aren’t what they used to be at the firm. “We used to have free lunch and drinks,” one says. “Now we have a water cooler.” Branch Office Blues Deutsche Bank insiders report on the bureaucracy associated with working for a huge investment bank like Deutsche, but they also say that sometimes they feel out of the loop by being in a branch office. “It’s harder to create opportunities and progress than at a smaller firm,” one says. “There’s definitely hierarchy and infrastructure. It’s hard to get airtime when the key decision makers are in New York, and I’m on the West Coast.” GETTING HIRED Entry-level hiring at Deutsche Bank has been steady in recent years. Many new Deutsche Bank hires come from nationwide recruiting at undergraduate and business schools. Recruiters look for a strong academic background and a facility with numbers (and virtually everyone at Deutsche doubles as a recruiter). Although candidates don’t need a financial background, business knowledge is expected, as is a clear set of goals. Interviewers want candidates who know which area of Deutsche Bank they want to work in and why. INSIDER SCOOP “You have to do your own due diligence. They don’t have a big presence on campus compared to the competition. They don’t have the cocktail parties. DB is very well known in Europe. The training has tremendous cache on the continent, but not in the U.S. yet.” Undergraduates and MBAs Deutsche Bank Securities hires undergraduates as analysts in global banking, global markets, and private wealth management, and in corporate functions, such as technology, operations, controlling and finance, risk management, and human resources. Undergraduates apply for analyst positions from September 1 to November 1. MBAs, who come on as associates in global banking, global markets, and asset management, apply during the same period. MBA applicants should have three to five years of work experience. New associates receive a minimum of six weeks of training when they come on board.
42 WETFEET INSIDER GUIDE 25 Top Financial Services Firms THE FIRMS THE INDUSTRY Deutsche Bank offers summer internships for both undergraduate and graduate students in its corporate and investment banking divisions. The majority of the positions are based in New York, with some slots in other regional offices. There are also opportunities in regions such as the U.K. and Asia Pacific.
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