The bank to juggle cost pressures while trying to retain key employees.
Bloomberg News reports that Deutsche Bank’s management board plans to cut the bonus pool by about 10% as the bank juggles cost pressures while trying to retain key employees, according to people familiar with the matter.
Bonuses for last year will be paid more selectively in an attempt to keep top earners, the people said, asking not to be identified because the deliberations are private. The bank is likely to award less than $2.3bn in bonuses, down from about $2.52bn in 2017, they said. The final figure could still change, depending on fourth quarter results, they said.
CEO Christian Sewing is seeking to keep a lid on costs while holding on to key staff that generate revenue for the troubled firm. Top executives have repeatedly said that the bank will pay “competitively” after a number of departures. But a slump in the stock, headwinds from markets and more legacy scandals have made that difficult.
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