Senior bankers are doing something unheard of with their bonuses to hold on to junior staff

Children sharing milkshakeWikimedia CommonsBankers at Deutsche Bank are sharing bonuses this year.

Deutsche Bank is so desperate to keep junior bankers happy that some managing directors are taking a cut to their own bonuses to give junior bankers a little more.

That’s according to The Financial Times’
Laura Noonan and Alistair Grey, who report that some managers are doing so on a “‘case by case’ basis” in what is expected to be a rough year for bonuses.

US banks are in the midst of bonus season right now, with European banks set to communicate bonuses to staff in a couple of weeks.

Banker pay has been a contentious issue for some European executives.

Last week, Credit Suisse CEO Tidjane Thiam said investment banks’ pay model “does not work.” In October, Barclays chairman John McFarlane also argued that bankers earned too much.

And Deutsche Bank’s own CEO, John Cryan, has publicly made digs at investment banks’ bonus culture. In October, he referred his firm’s “inflexible compensation culture” as a “significant challenge” in a presentation.

Read the full report in the FT»

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