An artist's rendering of this year's bonuses.
Yesterday, we learned that Deutsche Bank would be delaying bonus announcements until March of next year, possibly in order to get in a big round of layoffs before making payouts. Now, we've heard that said bonuses are going to range from bad to really bad to non-existent. But that's cool, right? People are here for the love of the game first and the money second or not at all, yes?
Deutsche Bank AG may cut the bonus pool for its investment bank by as much as 500 million euros ($566 million), or almost a third, as co-Chief Executive Officer John Cryan seeks to slash costs in the securities unit, according to people with knowledge of the matter. No decision has been taken and the biggest reductions are likely to impact employees in the fixed-income business, said one of the people, who asked not to be named as the information isn’t public. Some managing directors may have their entire bonus scrapped, according to the person.