Cash is no longer King.
Deutsche Bank has capped cash bonus payouts for its bankers at $405,300 for a second year, people familiar with the bank said.
Deutsche, which told staff about bonuses on Wednesday, said last week total pay in its corporate banking & securities division was $7.2bn for 2013, down 14.4% from 2012. Details on how much is variable and how much is deferred will be released on March 20.
Banks are under pressure to rein in pay, as regulators and politicians say it encourages risk-taking and contributed to the financial crisis.
Bonuses are expected to be flat to slightly lower at most banks for 2013 compared to 2012, although UBS said on Tuesday it would raise pay for staff to narrow a gap with rivals.
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