Deutsche Bank bonuses: Cracking in credit, more meh in macro

Deutsche Bank announced its bonuses last week, around the same time that it announced its new managing directors. Bonuses there were supposed to increase by 10%, but this seems to have applied to some areas more than others.

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Deutsche Bank isn't commenting, but senior sources at the bank say that credit traders were generally handsomely rewarded for their efforts in 2024 while macro traders were not. 

"Top performers in credit trading were taken care of and promoted," says one insider, adding that the criteria for being a top performer in credit was generating $10m-$15m in pnl. "However, there was a much higher level of dispersion than usual," he adds. 

In macro, another senior insider said bonuses were typically down 10% to 15%. 

The discrepancy comes after Deutsche Bank's fixed income currencies and commodities (FICC) revenues, excluding financing, rose 8% in 2024 compared to 2023. The bank said it achieved its highest fixed income trading results on record in the fourth quarter and that they were driven by "significantly higher" rates revenues. However, this doesn't seem to have had the desired impact on macro bonuses for the full year.

As we reported late last year, Deutsche Bank has hired heavily in areas like APAC credit trading, while making changes in macro. The German bank is cutting costs, but has highlighted flow credit as an area of planned expansion in 2025. 

If you work for Deutsche Bank and were unhappy (or happy) with your bonus, let us know via the contact details below, or fill in our compensation survey. We'd like to hear from investment bankers in particular.  

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