Exclusive Exclusive: Deutsche Bank Lowers and Restructures Bonus Payments

John Cryan, the new chief executive of Deutsche Bank, plans significant cuts in the bonus payments of the bank’s 100,000 workers for 2015, Handelsblatt has learned. After paying out €2.7 billion in total for 2014, Germany’s largest bank will cut the total bonus pool by about 15 percent, according to sources in the financial sector. The move comes after Germany’s largest bank posted a record €6.8 billion loss last year, also forcing it to cut dividend payments to shareholders. Investment banking, which slipped into the red in the fourth quarter of last year and has borne the brunt of the blame for legal problems at the bank, will see the bonus pool cut and the schedule for payouts extended, according to sources in the financial sector. Some investment banking sectors will see cuts of as much as 30 percent compared to 2014. The top 250 investment bankers in the company will get especially tough treatment. The lion’s share of their bonuses are to be paid in stock options that cannot be cashed in for at least five years.   Read the full story in Wednesday’s Handelsblatt Global Edition at 12:00 Central European Time. Picture Source: Arne Dedert, DPA