Deutsche Bank bosses fitted for US$1,500 suits as it lays off 18,000 workers
- Tailors visited executives at London office on day massive staff cuts were announced
Tailors from Fielding & Nicholson, an upmarket tailor, were pictured walking out of the bank’s office with suit bags on Monday. Ian Fielding-Calcutt, the tailor’s founder, and Alex Riley were there to fit suits for senior managers in spite of plans to cut 18,000 jobs worldwide.
Germany’s biggest bank has started the first wave of cuts that some recruiters have predicted could lead to as many as 3,000 job losses in London, where it employs about 7,000 people.
Some laid-off staff were reported to be in tears before leaving the building for the last time.
“Our timing was not great,” Fielding-Calcutt told Financial News.
“I think a lot of the people getting laid off were traders of some sort, who don’t wear suits, and so we just went ahead as normal with our clients who obviously weren’t affected by the cuts.”