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Deutsche Bank drastically cuts 2016 bonuses - sources
January 18, 2017 / 12:58 PM / 10 months ago

Deutsche Bank drastically cuts 2016 bonuses - sources

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) has decided to cut bonuses drastically as struggles to turn a profit amid costly litigation, people close to the matter said.

The logo of Germany's largest business bank, Deutsche Bank is seen in front of one of the bank's office buildings in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach

The lender will award no bonuses to its executive board members, these people said.

Employees with titles vice president, director and managing director will get no 2016 bonus, but will be offered a so called retention package, they added.

The retention package will be deferred and if Deutsche Bank’s share price is not up 30 percent within the next 3 or 4 years the award will be cancelled.

A small number of employees, whose position are of outstanding importance to the future of the bank, will get a longer-term incentive, partly in stock, deferred by up to six years, they said.

Deutsche Bank declined to comment.

Reporting by Olivia Oran and Arno Schuetze; Editing by Edward Taylor

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