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Generous cash component to bonuses at Deutsche

We omitted Deutsche Bank from yesterday’s ranking of banks by bonus policy, but now have some belated colour on their payouts.

Although the investment banking bonus pool at DB is down an estimated 60%, it seems the bank has been fairly generous.

According to a senior source at Deutsche, bonuses up to 150k are all in immediately accessible cash, with no vesting restrictions.

Above this amount, cash payouts are being deferred for up to four years, but during the deferral period they will earn interest at LIBOR.

Unlike other banks, Deutsche has nothing in the way of clawbacks.

Average compensation at the investment bank was €256k (229k) for 2008.

Comments (20)

  1. you should quoted FX Trader (who commented on the previous article) for giving you the hint. ahahaahahahah

  2. This was entirely our own work (not really). Just had to verify that he +Happy Ops girl were speaking the truth.

    Sarah, Editor, eFinancialCareers Reply
  3. DB were very meritocratic rather than axing everyone 60% across the board – several (particularly at Assoc/VP level) I know were actually up on last year.

    Although I thought the cash cut-off was 100k not 150k – might be different in diff areas?

  4. It was an absolute pleasure giving my team their bonuses yesterday. Everyone had had their expectations managed massively down, thinking they’d be down 60-70%, when in fact most of them did a lot better than that, my best people almost at where they were last year. So atmosphere was pretty good people doing better than they hoped, except a couple of MDs down over 80% who frankly should be thankful they still have a job.

    Deutsche Bank MD Reply
  5. Deutsche Bank rock. I love the place. The meritocratic nature where I went from analyst to associate to AVP to Vice President in consecutive years, how well they treat young people who have potential, the culture, the genuine ‘one firm’ integration, how they didn’t punish good people because of their credit/equity prop loss, and their bright future grabbing market share from failing peers.

  6. 150 k in cash….do not know about that…i have it on good authority(and she makes a good breakfast does the lil lady ) that that is wrong ..or is she hiding it from me…..where do you get your facts from Sarah

    RecentHouseHusband Reply
  7. The 150k figure may be 33% too high, although I had it on good authority that it was correct.

    Sarah, Editor, eFinancialCareers Reply
  8. Sarah, it was 100k for some areas, 150k for others.

    Deutsche Bank MD Reply
  9. Deutsche Bank MD ???? AND Sarah..WRONG AGAIN !!
    Be careful with these figures..you will only annoy people/me.
    I can personally vouch for the fact that certainly for some the figure started lower than 100k..it sounds petty going on about figs..but dont state what is evidently not correct

  10. Wizard yo really must be on something man, you have got to be kidding me, don’t get me started with DB. In fact politics etc is MORE than other houses..best thing they ever did was to get rid of many senior managemenst, things might start changindg One firm integration??? meritocratic nature? seriously, are you in HR ??

  11. Max, yes the place is political, but why is that a bad thing? Someone who sits there making a truckload of P&L doesn’t necessarily deserve more than a networker who’s pushing cross asset-class integration, coming up with innovative ideas where the P&L is yet to be as tangible. When I said “meritocratic” that includes being able to get the politics right, an important component of being a success.

  12. Hi GERman.

    This article isn’t intended to cause annoyance. The ‘facts’ came from a senior person within DB. It would appear that different areas have different thresholds. They are also given for the investment bank. I notice that you selected corporate banking in the drop down – maybe the threshold’s lower there?

    Sarah, Editor, eFinancialCareers Reply
  13. Wizard,there are good and bad politics and there is a LOT of bad politics in DB I am sure you agree. I just dont see how come anyone can believe the “one firm” ideas etc, how can you actually believe this? And getting the politics right is part of success? what do you mean exactly? Do you realise that there is a MASSIVE percentage of people in DB (and elsewhere as well) who ALL they do is politics? and NO ACTUAL WORK? Anyway, it depends on backround , education etc how one sees things I guess, point is if you love it , and you are happy, then good for you .

  14. Max,
    Truly believe in the “one firm” ethic as DB are genuinely working at integrating different business units better than I’ve seen elsewhere. I work in technology and today saw Commodities and Credit working together to integrate a trading platform. This afternoon there’s a seminar organised focussing on Debt and Equity hybrids which bring the 3rd and 4th floors closer together. Every month there will be networking events with high-profile speakers where I mingle with front, middle and back office. And I don’t know what you mean, I’ve not seen people who “only” do politics and “no” work – of course that doesn’t happen!

  15. Does anyone know how DB in NY faired in regards to bonuses, specifically commodity ETF’s and ETN’s? Thanks.

  16. Why did DB just made redundant lots of good people for so called economic reasons if they are paying such bonuses and in cash? especially it seems to be one of the best plan of the street…

  17. DB is one of the most political houses and a lot of senior staff spend more thime on this than on working at all… but at some point they end up losing… it is inevitable, just a matter of time when you have no competences… and such a pleasure to see that… worth waiting for the last few to fall

  18. Could we have more details area by area? the problem is that only people who get paid actually post a comment to say how happy they are… the one who get nothing hardly say anything…

    Lots of traders (credit, derivatives…) lost a hell of lot of money and i would find it difficult to believe they got paid anything at all…

    Or maybe it is like the bailed out banks… you are a trader, you can make money or lose money and you are still paid whatever… this is really so disgusting

    I must be dreaming to read this Reply
  19. Deutsche Bank meritocratic? you must be joking…. simply look at who got fired last round and you will see this is called POLITIC and not meritocratic…

  20. DB sucks ….yeah it was GBP150k no deferred in M&A in London ..but other areas and regions it was as low as GBP50k

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