Deutsche Bank AG HQ - Frankfurt, Germany
Deutsche Bank has informed its members of staff it is to implement a limit of €200,000 ($266,000) on bonuses this year.
That is according to sources within the company, who have told Bloomberg that senior officials at the major German financier are currently involved in discussions regarding additional remuneration on the top of wages.
And it has been decided that professionals will receive up to €100,000 in cash and €100,000 worth of stock that cannot be traded until August, with all further bonuses being deferred over a period of three years.
Furthermore, these restrictions will be imposed across the entire firm, including its investment banking division, the insiders noted.
John Purcell of London-based firm Purcell & Co told the news source this is indicative of the fact that the "generic war for talent" is over following the global economic downturn.
Recently, chief executive of Deutsche Bank Josef Ackermann indicated that investment banks will struggle to reach their previous levels of revenue this year.
By Tony Aynsley
