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.