Deutsche Bank Bonus/Layoffs Watch '15: The Bonus Is You Get To Keep Your Job

The new CEO has big plans.

Last week, we learned that Deutsche Bank would be delaying bonus communication until March of next year, and that when it did tell employees what they'd be taking home, the news would not be good. And while finding out you'll be receiving a bonus of zero dollars and zero cents is probably low on people's wish lists, the Financial Times reports that no bonus and getting to keep your desk is about the best Deustche employees can expect.

John Cryan will aim to cement his reputation as an unflinching cost cutter when he unveils a new strategy for Deutsche Bank on Thursday — by reducing bonuses, slashing staff, selling assets and overhauling technology...According to people with knowledge of his strategy, Mr Cryan has told staff that “many bonuses will go to zero” this year, as Deutsche slides to its first annual loss since the 2008 financial crisis. It has already slashed its dividend after taking €4bn of litigation provisions and a €5.8bn goodwill writedown this year...Tens of thousands of jobs are now expected to be cut, over a period of two years.

Deutsche’s Cryan to slash jobs, bonuses and assets [FT]

Related: Bonus Watch ’15: Deutsche Bank Hoping It’s Just A Rumor People Come To Wall Street To Make Money; Bonus Watch ’15: Deutsche Bank Will Update You On The Situation 5 Months Hence