Deutsche Bank CIB Unit Sought $1.5 Billion Bonus Pool, WiWo Says
(Bloomberg) -- Marcus Schenck and Garth Ritchie, who oversee Deutsche Bank AG's corporate and investment bank, argued at a meeting last month that their staff should be awarded at least 1.2 billion euros ($1.5 billion) in bonuses for 2017, WirtschaftsWoche reports, citing several unidentified people familiar with the matter.
The executives said important employees would leave if the bank didn't award them significantly higher remuneration, the German news magazine said in an emailed summary of an article on Friday. While other executives as well as members of the supervisory board disagreed, citing poor fourth-quarter earnings, the two sides eventually reached an agreement, WiWo said, without being more specific.
A spokeswoman for Deutsche Bank declined to comment when reached by Bloomberg News. The company is scheduled to report fourth-quarter earnings on Feb. 2 and will provide details of compensation awarded for 2017 in its next annual report, due in March.
Deutsche Bank cut its 2016 bonus pool by 77 percent from a year earlier to 546 million euros, according to company filings. The corporate and investment bank accounted for 140 million euros of that total.
To contact the reporter on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net.
To contact the editors responsible for this story: Patrick Henry at phenry8@bloomberg.net, Dale Crofts at dcrofts@bloomberg.net, Andrew Blackman
©2018 Bloomberg L.P.
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