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- Deutsche Bank is changing up its junior-banking program, meaning promotions will come a little earlier.
- The change was outlined in an internal memo from heads of the firm’s corporate and investment bank.
Deutsche Bank will start promoting its junior bankers a little bit earlier in a bid to keep talented young staff.
The bank is changing up its junior-banking program within its corporate finance division, making analysts eligible for promotion to associate after two years instead of 2.5 years, according to an internal memo viewed by Business Insider.
The German lender is also changing its promotion and compensation cycle for analysts to the middle of the year, rather than end of year.
Investment banks have been reshaping their cultures and perks for junior employees in recent years as competition for talent — across Wall Street and Silicon Valley — has intensified.
Most big-bank competitors — including Goldman Sachs, JPMorgan, Citi, and Credit Suisse — have announced similar fast-track promotion initiatives in recent years.
"Our success is dependent upon the continuous development of our people. Each Junior Banking initiative has the same underlying goal: to ensure our employees have a dynamic and intellectually challenging experience that drives long-term careers at Deutsche Bank," the announcement reads in part.
The memo is signed by Mark Fedorcik, co-head of the corporate and investment bank in the US, and James McMurdo, head of the corporate and investment bank in the Asia Pacific.
The change, which is effective immediately, "applies to specific populations in Corporate Finance," so not all analysts and associates will be eligible.
In 2015, Deutsche Bank announced to staff that it was moving promotions for analysts up to 2.5 years from three years.
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Source: Business Insider – amorrell@businessinsider.com (Alex Morrell)