At 10 am on Monday morning, bankers were seen leaving Deutsche Bank offices with white severance envelopes and bags of personal belongings. Some were in tears. Others gathered in local bars to drown their sorrows. The Deutsche Bank axe was swift and sharp, culling some 18,000 jobs in a matter of days.
The heartbreaking images are strikingly similar to the aftermath of the 2008 financial crisis when thousands of bankers lost their jobs and the infamous Lehman Brother’s sign was removed.
But one former Deutsche Bank employee arguably saw it coming, leaving the bank in 2018 to co-found a crypto company.
When I left Deutsche Bank last year I’m sure many of my co-workers thought I was taking too big of a risk going into crypto. I thought they were taking the greater risk by staying. https://t.co/Q2YxLkZIy3
— Medio Demarco (@mediodelphi) July 8, 2019
From Deutsche Bank to cryptocurrency
Medio Demarco was an analyst in Deutsche Bank’s hedge fund credit risk division in New York. But in July 2018, he left to co-found Delphi Digital, an investment grade research agency specializing in digital assets.
In a tweet yesterday, he said his Deutsche Bank colleagues probably thought he was taking a huge risk when he handed in his notice. The way he saw it, staying on the sinking ship was a riskier move.