花街小中: Job Cuts Will Continue

Deutsche Bank Says Job Cuts Will Continue

by 

Stephen Morris

, 

Ambereen Choudhury

, and 

William Canny

January 18, 2017, 12:24 PM EST

• Global markets said to make reductions as soon as this week
• In parts of IB, as many as 20% of staff may be affected

 

Deutsche Bank Scraps Most Senior Banker Bonuses

Deutsche Bank AG told some employees on Wednesday that job cuts will continue even after Germany’s largest lender slashed bonuses for senior staff, according to a person with knowledge of the discussions.

In some parts of the investment bank, managers have been asked to identify the bottom 20 percent of performers in preparation for possible cuts, said another person, who like the first asked not to be identified because the information is private. The global markets business is making front-office cuts this week and next, according to a third person, who was informed of the reductions on Wednesday.

The bank’s current business plan includes eliminating about 9,000 jobs globally from 2015 through 2018, a 9 percent reduction across the firm. Deutsche Bank Chief Executive Officer John Cryan, who has also suspended dividends and sold risky assets to shore up capital, said in October he will be “more ambitious in headcount reduction.”

In a memo on Wednesday, the bank said it scrapped the bonuses of its top executives for a second straight year and slashed variable compensation for other senior employees. The announcement came a day after Deutsche Bank finalized a $7.2 billion settlement in the U.S. over its role in selling mortgage securities that contributed to the financial crisis.

“Now that we have a clearer idea of the financial impact of the settlement with the U.S. Department of Justice and our performance for the year, we feel that tough measures are unavoidable,” the bank said in the memo announcing the bonus cuts. “This is especially true at a time when thousands of jobs are being cut and our shareholders are not receiving an annual dividend.”

A spokesman for the bank declined to comment on specific job reductions.

Bonus Cuts

The compensation measures will affect about a quarter of employees, including vice presidents, directors and managing directors, who will not receive an individual bonus. A “limited number” of employees in crucial positions will receive a special long-term incentive, partly in stock, that will be deferred for as long as six years, according to the memo.

The widespread compensation cuts, unprecedented in the bank’s recent history, highlight the severity of its troubles, and come as fixed-income traders around the world are about to see their annual pay grow for the first time since 2012 amid a surge in bond trading, according to a November report from recruitment firm Options Group Inc.

Last year, the lender reduced bonuses by 17 percent

所有跟帖： 

• 这和什么人没关心，从去年12月律师没工作的犹太，白人很多。 -小团圆- ♀ (0 bytes) () 01/19/2017 postreply 02:53:47