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Deutsche bankers to receive particularly large bonuses?

As everyone who has not spent the past six months in a cocoon or broadband notspot will know, fixed income trading has done particularly well in the first half of 2009.

JPMorgan thinks 2009 will be a record year for fixed income revenues, with a 34% increase predicted over 2008.

Equally, Credit Suisse analysts said in a note released this week that thanks to a combination of strong inventory gains, reversal of last year’s losses, healthy client volumes and wide bid/ask spreads conditions for fixed income currencies and commodities trading businesses are, ‘as close to perfect as could reasonably be expected.’

Who’s most likely to benefit most from this fortunate combination of events? As far as European banks are concerned, it looks like being Deutsche bankers. As the chart below from Credit Suisse shows, only Goldman derived a higher proportion of its revenues from fixed income trading in the first quarter.

Source: Credit Suisse (click to expand)

Given their emphasis on fixed income trading, it’s probably no coincidence that Goldman and Deutsche Bank were the best paying institutions in the first quarter. This looks likely to remain the case for the rest of the year.

Comments (24)

  1. Deutsche Bank rocks. Best place I’ve ever worked. Lets you be creative / entrepreneurial. Pays stupidly well particularly Analyst / Associate level.. fixed income associates I know in 07 and 08 got paid more than Goldmans counterparts. So happy I made the move here, and don’t plan on leaving :-)

  2. Deutsche Bank IS the new Goldman Sachs!!

    Even in this environment, a lot of my grad class (2nd year analysts) passed the 100k bonus mark in February (in fixed income/equity)

  3. “Investment bankers were the second best paid in the first quarter, with an average of $135k per head”

    $540k annualized. Back to 2007 levels then. Congrats Deutsche Bankers!

  4. UBS 9%. Hahahaha. What failures.



  6. $135k average for 3mths work?!!!!

    I picked the wrong profession :o(

  7. Is Deutsche Bank the new Goldman Sachs? Having read the chart, we can confirm that 70% is greater than 52% and Goldman Sachs is still Goldman Sachs.

    Sarah, you need a vacation. You can join me on my yacht if you wish.

  8. Usually juniors at other banks get paid more than juniors at GS.
    Deutsche Bank are decent payers though for sure

  9. @djm. You are right and obviously very observant after relaxing vacations on your yacht. I have just returned from a short break and am catching up. I would love to join you onboard, but have an associated menagerie of small children and animals which I fear would ruin the ambience.

    Sarah, Editor, eFinancialCareers Reply
  10. DB are at risk of losing their top earners in Fixed Income and FX as well this year if they dont pay up as they were the in the bottom quartile payers in 2008/09 and one of the harshest deffered schedules of cash on the street….

  11. All stems from Anshu Jain – their head of Global Markets – the guy’s direction is phenomenal. The fact he has stated that he’ll stay at the bank for the next few years, even though Ackermann is staying on as CEO speaks volumes – especially as Citi were after him (probably as a replacement for Pandit).

  12. This chart gives me a lot of food for thought.. I actually switched to DB from UBS back in winter 08 when working for the three keys was a big deal. Money here is alrite but people are much harder to deal with. Def not nearly as respectful environment as UBS.

    Judging by current loss severity projections, I actually secretly envy the folks that survived the cull at 100 LS. By God within three years time they will be seeing extra $5bn of write-ups every quarter, so those calls with a 10 swissies strike price will become more valuable than a night with Ivanka Trump once again.

  13. hah sorry meant winter 07…

  14. Just signed on the line at DB and even happier after reading this!

  15. Come writers and critics
    Who prophesize with your pen
    And don’t speak too soon
    For the wheel’s still in spin
    And there’s no tellin’ who
    That it’s namin’.
    For the loser now
    Will be later to win
    For the times they are a-changin’.

  16. i was DB grad 2004
    FX sales
    Jan2009 bonus €200k?
    Y2 analyst on aprx 100k is nonsense

  17. Is Robert Zimmerman the new Marcus Goldman?

  18. “Y2 analyst on aprx 100k is nonsense”

    Haha. Hilarious. Nonsense for you maybe but not for the best. And easily proven.

    Cream of Credit Reply
  19. Is there anywhere to check how my salary compares with others of a similar job. reading some of the comments seems like this years intake are farily underpaid.

    Am in my first year of a FI sales role at a bank earning 43-45k

  20. Curious, a 43-45k bonus as a 1st yr analyst seems reasonable right now. Was 55-60k in 07, given current conditions that seems about right.

    Cream of Credit Reply
  21. i think “Curious” is talking about total comp, not bonus, with “43-45k”.

    and to give a meaningful answer this is probably par for the course… salary 35k + 10k bonus… well done for a Y1 analyst.

    market has changed. yes there may well have been a select few juniors earning high 5 figures, maybe low 6 in years 1-2, but not any more.

    all these silly boys (no offence, girls, but this is clearly boys) claiming to earn x-zillion here and there: you’re hilarious. you’re the same people that i laugh at swooning into “top london clubs” (you know where i mean) to buy overpriced champagne with your own money on a thursday & friday night. i guarantee that you’re 21-25, on an analyst programme at IB, and doing relatively well compared to most of your peers in other vocations. but you need to learn some humility. right now you know very little, and if you didn’t turn up to work one day, it wouldn’t make the slightest bit of difference. THAT is why you don’t earn the big bucks (yet. as maybe one day you will, but in the meantime, just keep getting the coffee order right, and please try to keep the typos down in the PowerPoints that you do for the rest of the desk)

  22. jjj, you’re actually quite right, good analysis, however there’s no need to be humble, I’m in the top 0.1% of the top 1% of the top 0.5% of 25yos my age on the entire planet regarding earnings power, can comfortably afford to spend 1k a weekend at the best clubs (whilst having a mortgage etc), so why not enjoy it while I can?

    Young, Rich & Pretty Reply
  23. Y, P & C,

    fair enough, my belittling comments were uncalled for, and ont something i normally stoop to.

    you should enjoy the fruits of your labour, but don’t be over-confident… the market IS changing, and unfortunately the anecdotal compensation packages of CDO salesmen of 2005 aren’t going to come back… probably for ever.

    Believe me, i think this is a shame just as much as you do!

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