Bloomberg News' Annette Weisbach and Nicholas Comfort report that Deutsche Bank's bonus pool for 2012 has decreased by 11% compared to 2011. This time around, the bank's bonus pool is $4.3 billion.
This was to be expected, but it still hurts. In July, when the bank announced that it would lay off up to 1900 people, it also said that it would be reviewing compensation practices in order to "address... relative balance between rewards for shareholders and those for employees."
As if on cue, right before Deutsche made that announcement, bank analyst Meredith Whitney said Wall Street should expect more job cuts and lower compensation across the board. And in today's Q4 earnings release, the bank used the exact same language to address the compensation cuts that have no been brought to fruition. Deutsche talked about a "deep cultural change" ….
Read more: http://www.businessinsider.com/deutsche-bank-bonus-cuts-2013-1#ixzz2JZaMv0va