Deutsche Bank to Cut Bonus Pool
Deutsche Bank's management board has decided to cut the bonus pool by around 10 per cent compared with 2017 as the German lender tries to juggle cost pressures with concerns of a talent drain.
Bonuses will be paid more selectively in an attempt to keep its top earners, news agency «Bloomberg» reported on Tuesday. A decision on the final figure could change, depending on the bank's fourth quarter numbers, the news wire added, citing unnamed people familiar with the matter.
A Deutsche Bank spokesperson declined to comment. The bank awarded about 2.2 billion euros (S$3.4 billion) in bonuses for 2017. Deutsche Bank CEO Christian Sewing is seeking to reduce costs while holding on to key staff that generate revenue for the firm.
Top executives have repeatedly said that the German lender will pay «competitively», but the slumping share price is less than half what it needs to be for previously granted retention awards to vest.
