On the day Deutsche Bank began making thousands of employees redundant, some managing directors at the company’s office in the City of London were being fitted for suits that cost at least £1,200, it has emerged.
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.”
Fielding & Nicholson suits take up to eight weeks to make. Prices start at £1,200 and can go as high as the customer chooses, an employee said.
The image of top managers being fitted for luxury suits while other employees, including contract workers and support staff, were laid off was not what Deutsche wanted. Its chief executive, Christian Sewing, visited London on Monday and repeatedly said how much he regretted the decision to scrap a fifth of his global workforce.