Deutsche Bank awards staff €2.2bn in bonuses for 2017 | Fin24
 
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Deutsche Bank awards staff €2.2bn in bonuses for 2017

Mar 16 2018 10:02
Steven Arons and Nicholas Comfort, Bloomberg

Frankfurt - Deutsche Bank's bonus pool is almost back to normal, even if little else is.

Germany’s largest lender is awarding its staff €2.2bn in variable compensation, according to the bank’s annual report for 2017 published ONFriday. That approaches the level seen in 2015, when Deutsche Bank’s bonuses were broadly in line with its peers, and before CEO John Cryan began cutting back as the bank’s revenue shrank.

The investment bankers are set to receive slightly more than half the total bonus pool, with variable compensation of €1.42bn.

Cryan said in February that he would award “generous” bonuses to staunch defections seen the previous year, when he said the bank “took a risk” by cutting variable payouts by an unprecedented 80%.

Cryan and the two co-heads of the investment bank, Marcus Schenck and Garth Ritchie, have vowed to regain market share lost in the wake of the bank’s confidence crisis about 18 months ago.

Cryan himself earned €3.4m in total compensation. He announced at a conference last weekend that Deutsche Bank’s management board will waive its bonuses for a third year running, meaning the CEO of Europe’s biggest investment bank hasn’t seen a single penny of variable compensation since he took the job in mid-2015.

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deutsche bank  |  companies  |  financial services
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