Is Deutsche Bank going to do the dirty at bonus time?
Yes, if a new research report from Credit Suisse is anything to go by.
According to the Swiss bank, DB is emerging as one of the European houses most exposed to the credit crisis - not only does it have a huge fixed income business, it also lacks a healthy wealth management arm à la UBS to help cushion the fixed income blow.
Deutsche won't reveal the true dimensions of its bonuses until February, when it releases its full-year results for 2007.
Last year, its cash bonuses were at an all-time high after the stock component of payouts was cut. Unless it makes some speedy redundancies, Deutsche bankers this year might not be so lucky - staff numbers at the corporate and investment bank increased 24% in the first nine months of 2007 versus the same period of 2006, but comp and benefits expenditure stayed fairly static.
The only upside is being paid in euros. Rounded up for the full year, the average investment banker at Deutsche Bank looks set to receive total comp of €404k (301k), down 22% on 2006, but down only 9% in sterling terms when exchange rate changes are taken into account.
Will Deutsche Bank's bonuses be dire or will D-Bankers be looked after Ackermann-style?