Two reasons why Deutsche Bank's (alleged) big bonus cut doesn't matter

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Bloomberg has got a story saying that Deutsche Bank is cutting its bonus pool by 'almost a third'.

This is the nub of the matter:

Bloomberg Deutsche Bank bonuses

Sounds bad? Don't be deceived.

Those of you with good memories will recall that:

1. Deutsche Bank increased average salaries for its 'material risk takers' from €250k in 2013 to €476k last year.

2. Deutsche Bank increased junior salaries (in London) by 35% in April. 

In the circumstances, the bonus cut looks not only inevitable, but generous.

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