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Deutsche Bank to cap bonus payouts at 300,000 euros: source
February 1, 2013 / 2:57 PM / 5 years ago

Deutsche Bank to cap bonus payouts at 300,000 euros: source

FRANKFURT (Reuters) - Deutsche Bank AG (DBKGn.DE) will cap bonus payouts for 2012 at 300,000 euros per employee, a source familiar with the bank’s thinking said on Friday.

A Deutsche Bank logo is pictured in front of the Deutsche Bank headquarters in Frankfurt February 24, 2011. REUTERS/Ralph Orlowski/Files

However, total remuneration for 2012 will not be limited to 300,000 because the cap does not apply to deferred payouts, the source added. Employees are set to find out in the next couple of days what the extent of their remuneration will be for 2012.

Deutsche Bank unveiled a quarterly loss on Thursday after it took nearly $4 billion in charges to try and draw a line under a slew of scandals.

The bank said its bonus pool for 2012 had been cut by 11 percent to 3.2 billion euros. The number of employees in the Corporate Banking and Securities unit - the investment bank - has fallen 13 percent year-on-year.

Average compensation for Deutsche investment bankers was 332,785 euros in 2011, down 12 percent on 2010 levels.

In September, the bank said it would alter remuneration to encourage its bankers to focus on “longer-term sustainable performance”. Senior managers will have to wait five years to receive bonus share awards, rather than have them staggered over three years, the bank said at the time.

Overall, Deutsche Bank’s headcount had fallen 2.7 percent year-on-year to 98,219 employees at the end of 2012. (Reporting By Philipp Halstrick; Writing by Edward Taylor; Editing by Ralf Banser and David Holmes)

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