European banks' bonuses: all down, Deutsche down the most
Average bonuses at Deutsche Bank look set to fall 22%; bonuses at UBS are liable to decline 10%; and those at Credit Suisse should slip 3.4%.
Results from the three European banks that revealed their 3Q performance this week show all are set to reduce average bonus payouts for investment bankers this year compared to last.
Compensation and benefits expenditure for their investment banking divisions for the year to date, averaged over the number of investment banking employees and rounded up for the full four quarters, also shows Deutsche as by far the best payer of the three.
Assuming the fourth quarter doesn't go completely awry, the German bank is on track to pay its average i-banker €404,310 in 2007. Credit Suisse should pay €317,600. And UBS should pay a comparatively paltry €272k.
Banks' results also reveal disparities in their appetite for adding staff. Deutsche Bank has increased its investment banking headcount by a massive 24% in 2007; Credit Suisse has increased headcount 9%; and UBS has upped staff by a teeny weeny 2.4%.
