Deutsche Bank Follows the Fold, Cuts Bonuses (DB, MS, CS, C, BAC)
Germany’s largest bank, Deutsche Bank AG (NYSE: DB) has followed the lead of Morgan Stanley (NYSE: MS), Credit Suisse Group AG (NYSE: CS), and Citigroup Inc. (NYSE: C) in announcing a cap on bonuses for 2012. The German bank has…
Germany’s largest bank, Deutsche Bank AG (NYSE: DB) has followed the lead of Morgan Stanley (NYSE: MS), Credit Suisse Group AG (NYSE: CS), and Citigroup Inc. (NYSE: C) in announcing a cap on bonuses for 2012. The German bank has set a cap of about $266,000 on individual bonuses this year.
The limit applies to all bank employees, including investment bankers. DB proposes to pay up to half the bonus in cash and the other half in stock that the employees must hold until August.
Bank of America Corp. (NYSE: BAC) is believed to have capped its 2012 cash bonus payments at $150,000 for its investment bankers, although the bank has not confirmed the amount.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.