Is Deutsche Bank now overpaying its junior bankers?

Has Deutsche Bank gone too far? We're just asking, because following our revelation that the German bank finally increased junior salaries by up to 35% two months ago, a new pay snapshot suggests the German bank is now the most remunerative of the lot.

The figures in the chart below come from Emolument.com, the real time pay data provider. If Emolument's right, Deutsche's analysts are now earning $114k (£72k) all-in (salary and bonus). This compares to $110k (£70k) at Goldman Sachs and Morgan Stanley and just $81k (£51k) at Santander.

Recruiters consistently tell us that Morgan Stanley is by far the best payer when it comes to salaries alone.  Emolument's figures suggest Deutsche is pretty generous in terms of salary and bonus combined. However, celebrations at DB may be premature - the German bank hasn't actually paid any bonuses since hiking its salaries and it will almost certainly reduce variable pay to reflect the salary increase in the next bonus round. Before rushing to Deutsche, it's also worth bearing in mind that the bank operates a punitive clawback policy, has high bonus deferrals and is on the verge of appointing a new CEO who is expected to be less friendly to the investment bank and is known for his miserliness.