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After increasing salaries, Deutsche Bank has decreased bonuses.

Deutsche Bank associates disgruntled at bonuses despite big salary increase last summer

Following this week's Deutsche Bank bonus announcement, a particular cohort of employees at the firm appear to be upset with their bonuses: the class of people recently promoted from analyst to associate.

Insiders say bonuses for this group were negligible and were down substantially on expectations. "It's almost insulting," says one DB associate. "Everyone is very angry about this. People here know that they will be paid less than at an American bank but the expectation is that we will be paid somewhere between the Americans and the Europeans."

Deutsche Bank isn't commenting on the allegations. However, some at the bank say this year's lower bonuses were to be expected: Deutsche hiked first year associate salaries in the summer.

It's not clear how much salaries were increased by, but according to one salary and bonus survey Deutsche's London associates received salaries of around £90k ($117k) in September 2019, plus bonuses of £69k, leading to total compensation of £169k - in the mid-range of peers. Insiders say the summer salary hikes were higher than normal and were benchmarked to ensure that DB paid competitively and that bonuses were reduced accordingly.

Unfortunately, this message doesn't seem to have got through. "I would leave for JPMorgan tomorrow if they made me an offer," says one Deutsche invesment banking associate.

Beyond associate one, second and third year associates appear happier with their bonuses which were reportedly at the bottom end of expectations but not abnormal.

One senior associate says DB always pays less than American banks but that this is compensated for by lifestyle advantages. "You get paid significantly more somewhere like JPMorgan or Morgan Stanley but the environment here is more positive.

"I have the flexibility and freedom to go to the gym or out for dinner," he adds. "We work hard, but managers are more flexible and understanding. If you have a birthday or a wedding you can take time off. It's not like that at American houses." 

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Photo by Allef Vinicius on Unsplash

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AUTHORSarah Butcher Global Editor
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  • bu
    businessisbusiness
    10 March 2020

    Honestly having interacted with this level of employee due to the general juniorisation of the banking world they are lucky to be getting that. They simply are not worth the money and the banks are crazy for paying it. £60,00 basics with a £10,00 bonus tops. All jobs would still be filled and the service would remain the same.

  • qw
    qwer
    8 March 2020

    2.4% bonus - kinda humiliating

  • sd
    sdfsd
    6 March 2020

    "I would leave for JPMorgan tomorrow" good luck with that, almost any one would choose JP all else equal over Deutsche since 10y. DB is just not in the same tier as american banks, look at league tables, revenue per head, any f*cking metric...

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