As U.S.-based employees of Deutsche Bank await word on their bonus amounts, we're hearing the senior levels will bear the brunt of the damage, with the bonus pool divvied up like so:
- Senior roles, management: Average bonus 85 below last year's level.
- Vice presidents: Average bonus 50 percent of last year's.
- Associates, analysts, and back office staff: Average bonus reduced by an amount less than 50 percent compared with last year.
That breakdown is consistent with media reports earlier this week - as yet unconfirmed - that the average bonus in Deutsche's securities unit is set to shrink 60 percent from a year ago. (The banks say it doesn't comment on employee compensation.)
In its fourth-quarter results released today, Deutsche reported compensation and benefit expense for its corporate and investment bank declined 65 percent year over year.
The Frankfurt-based bank isn't planning any further mass layoffs, according to Bloomberg News. "While the company expects headcount to decline slightly in 2009, there are no further plans for 'large' job cuts," Bloomberg says, without citing a specific source.
Deutsche says it's already reduced headcount in its global markets division "by roughly 30 percent" since the beginning of the crisis.
Updated Feb. 6, 2009, with no-comment response from Deutsche.