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Deutsche Bank Scrapping Senior Bankers’ Bonuses

Deutsche Bank AG scrapped the bonuses of its top executives for a second straight year and slashed variable compensation for other senior employees, as Germany’s largest lender tries to shore up capital that’s been eroded by low interest rates and legal expenses.

The measures, announced in a memo to employees Wednesday that was signed by the members of the management board, will affect about a quarter of employees, including vice presidents, directors and managing directors. A “limited number” of employees in crucial positions will receive a special long-term incentive, partly in stock, that will be deferred for as long as six years, according to the memo.

Last year, Deutsche Bank awarded 2.4 billion euros ($2.6 billion) of bonuses for 2015, 1.45 billion euros of which was for the combined investment banking and trading unit, according to the bank’s annual report. Of the 2.4 billion euros, 49 percent was deferred stock and cash while the remainder was paid out immediately.

AG Markets Review

Wednesday, 18 Jan, 2017 / 5:04

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Source : https://www.ag-markets.com/news/

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