We never labored under the impression that bonus season at Deutsche Bank was going to be a happy occasion this year, but even we are surprised at what we're hearing from inside what's left of everyone's favorite dysfunctional German lender.
Sayeth unser insidër: "For equities, from what it seems basically anyone who is not in a direct revenue-producing spot like trading or sales trading got zero performance bonus. Of the people in those revenue spots a good portion of them got zero performance bonus as well. The ones that didn’t get zeroed are down massively from last year. Performance bonus as well. The ones that didn’t get zeroed are down massively from last year."
Hmm, this sounds familiar...
"It’s basically the same situation as 2016-2017 except this time there was no announcement that this was coming."
Yup, that reads. But aren't Deutsche Bankers so existentially broken that a few grand in group bonuses sprinkled around feel like something of a win?
"Not really sure where this goes from here; hard to see how they are going to expect people to drive for revenue or do anything beyond looking for a job somewhere else. One does get the feeling like this is a prelude to just shutting the whole thing down."