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Report: Deutsche Bank to cut FY'18 bonus pool by about 10%

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Report: Deutsche Bank to cut FY'18 bonus pool by about 10%

Deutsche Bank AG is looking to slash its bonus pool by about 10% in a bid to cut costs, Bloomberg News reported Jan. 8, citing people familiar with the matter.

The German lender's 2018 bonuses will be paid more selectively to retain top performers, the sources said, adding that the final amount of the pool could still change depending on the bank's fourth-quarter 2018 results.

Deutsche Bank awarded employees €2.28 billion in bonuses for 2017, more than four times higher than the €546 million it paid for 2016.

The lender, which expects to turn to profit in 2018, lost more than half of its market value during the year following a raid of its offices in Frankfurt and allegations of its role in clearing billions of dollars of suspicious funds for scandal-hit Danske Bank A/S.