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.
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.
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.
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