It’s not just American bankers who’ll be getting their bonuses slashed this year
Deutsche Bank may be cutting the money reserved bonuses to its employees by as much as one-third, Bloomberg reported, citing people familiar with the situation.
The investment bank is expected to cut its budget for bonuses by about $566 million.
The publication reported that some managing directors may not receive any bonus compensation.
CEO John Cryan hinted to staff in a memo earlier this month that bonuses could be slashed to save costs. “While compensation considerations are not based on this year’s financial results alone, our shareholders will rightly expect employees to share something of the burden,” he said.
Cryan added, “Having said that, you have my personal commitment to try to achieve a fair balance between staff and shareholder interests.”
The move comes as the bank warned of a huge loss of $6.5 billion earlier this month.