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Deutsche Bank revises FY'17 loss; bonus pool more than quadruples YOY

Deutsche Bank AG has awarded employees €2.28 billion in bonuses for 2017, more than 4x the €546 million paid in 2016, as it revised its full-year 2017 net loss to €735 million from a preliminary loss of €497 million it reported in February.

Employees at the German lender's corporate and investment banking business received the highest compensation awards of €1.42 billion among divisions, according to the bank's annual report.

Deutsche Bank said the higher loss for full year 2017 was mostly driven by a valuation adjustment to its deferred tax assets in the U.K. For 2016, the bank reported a net loss of €1.36 billion.

In light of the bank's results, CEO John Cryan and other members of the management board have decided to forgo their variable compensation for 2017, which in total amounts to €29.2 million.

The bank's management and supervisory boards will propose a dividend of 11 cents per share for 2017.

"We remain committed to our objective of delivering a net profit and a competitive dividend payout for 2018," Cryan said.

In addition, Deutsche Bank now expects adjusted costs to reach €23 billion in 2018, up from its initial forecast of €22 billion, which included approximately €900 million of planned cost savings through business disposals.

"While we made progress on planned disposals, some of them have been delayed or in some cases suspended. As a result, we currently do not expect the planned €900 million of cost savings to materialize in 2018," it said. The bank added that it expects to book higher costs from Brexit and the implementation of the revised Markets in Financial Instruments Directive in 2018.

Furthermore, Deutsche Bank said it now expects the merger of Deutsche Postbank AG and Deutsche Bank Privat- und Geschäftskunden AG to be completed in the second quarter of 2018, while cost synergies originally expected to materialize in 2018 are now expected to be realized in 2019.

Meanwhile, the lender said it expects the sale of a portion of its stake in asset management division DWS and the listing of the unit's shares on the Frankfurt Stock Exchange to occur in the first quarter of 2018, should market conditions be favorable.

Based on the price range of €30 to ?€36 per share, and assuming a free float of 20% to 25%, the impact of the transaction on Deutsche Bank's IFRS shareholders' equity including noncontrolling interests is expected to be between €1.1 billion and €1.7 billion.