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Deutsche Bank implements new staff bonus rules

Deutsche Bank has opted to impose stricter controls in terms of bonus clawback from its members of staff, it has emerged.

The major European financier has announced it is to become the first company to permit the revocation of additional remuneration awarded to workers at previous employers, the Financial Times reports.

Since 2009, banks in the UK and Europe have held the power to either reduce or cut any instalment of an individual's bonus that has not yet been distributed and several leading lenders - such as HSBC - have made regular use of this rule.

However, Deutsche Bank has taken the regulation one step further and analysts in the pay industry have told the news source other financier may now follow suit, with one expert indicating that boards are "losing patience with staff".

"There is a growing recognition among remuneration committees that they need to get more draconian," they added.

By Asim Shah