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.
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.