Deutsche Bank reduced salaries and bonuses at the investment bank, which also includes sales and trading, by 14 percent to 5.34 billion euros last year from 6.24 billion euros in 2012, the company said. The compensation fell 23 percent in the fourth quarter from a year earlier. “We are keeping an eye on the competition and the pack that we’re competing with for talent,” Jain said. “What we are doing is something the whole industry is doing at varying speeds.” The bank hasn’t lost a “material” number of investment bankers after overhauling its compensation system, which includes staggering annual bonuses over a longer period, he said. [Bloomberg]
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