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Bonus Watch ’13: Deutsche Bank Is Mulling Over The Idea Of Paying A Li’l Less This Year, Would Appreciate Rivals Throwing Them A Bone And Doing The SameBy Bess Levin
The Germans might take an ax to bonuses, cutting them by 20 percent, or they might not. According to CEO Anshu Jain, what it may come down to is whether or not other banks will help him out here by getting on board with the proposed reductions, as it would make DB look bad to be the only firm doling out tough love this year. Thanks in advance.
Deutsche Bank is considering reducing bonuses for investment bankers in Europe by as much as 20 percent on average for 2012, while bankers in New York will see smaller declines, said four people briefed on the matter. The cuts may range between 10 percent and 20 percent on average in Europe, the Middle East and Africa, while bonuses in locations that performed better or where competition for staff is stronger will fall less, said the people, who asked to remain anonymous because the matter is private. The plans are preliminary and may change, they said. Deutsche Bank, based in Frankfurt, is reducing pay and overhauling compensation for its senior executives to help boost profitability as some regulators demand rewards be tied more closely to company performance. Co-Chief Executive Officer Anshu Jain, 50, has said that he sees a risk the bank may lose talented employees if competitors don’t follow suit.