The first German bank has allocated a bonus of 2.1 billion euros to its employees, once morest 1.9 billion euros in 2020, which marked an increase of 29%.
Deutsche Bank has once once more inflated the envelope for bonuses paid to its teams in 2021, by 13%, following posting a record profit in ten years and once morest the backdrop of a talent war.
The first German bank has allocated an envelope of 2.1 billion euros (2.15 billion francs) in bonuses to its employees, once morest 1.9 billion euros in 2020, which marked an increase of 29%, according to the annual report published on Friday.
The 7,200 or so employees in the investment bank obtained nearly half of the jackpot, an average of more than 140,000 euros per head.
This division generated a taxable result of 3.7 billion euros last year, contributing to the major part of the best result of the group obtained during the past decade.
In the future, Deutsche Bank intends to recruit its talents in a “targeted” way and pay them “according to their skills”, Mr. Sewing said Thursday, presenting the objectives of the institute for 2025.
The boss of the bank was worried in February regarding “the increasingly intense war for talents and the evolution of salaries in the financial industry”, during the presentation of the bank’s preliminary results, confirmed on Friday.
His own compensation amounted to 8.8 million euros in 2021, up 18% over one year, and around a quarter of which will be paid in the years to come.
Last year, 520 employees of the establishment – out of nearly 83,000 – received total compensation of one million euros or more, including four between 9 and 11 million euros.
Withdrawal from Russia, in line with Goldman Sachs and JPMorgan Chase
Germany’s largest bank, Deutsche Bank, announced on Friday that it was withdrawing from Russia, following in the footsteps of other international financial institutions.
“We are in the process of reducing our remaining activities in accordance with legal and regulatory requirements,” the group said in a statement Friday evening, two weeks following the invasion of Ukraine launched by Russian President Vladimir Putin.
“At the same time, we are helping our non-Russian international clients to reduce their activities in the country. We are no longer doing new business in Russia,” adds Deutsche Bank.
She says she has “substantially reduced her engagement and presence in Russia since 2014”.
The bank explained this week that its direct exposures in Russia were “very limited”.
It assessed its gross credit exposure at 1.4 billion euros, or approximately 0.3% of the overall loan portfolio, with net exposure amounting to 600 million euros.
The German group also has a major technology center in Russia employing 1,500 IT specialists in the service of its investment bank.
“The operational risk” arising from a closure of this center is “well contained” and “presents no significant risk” for the functioning of global operations, Deutsche Bank had indicated this week.
The big American banks Goldman Sachs and JPMorgan Chase announced Thursday that they were in the process of getting rid of their activities in Russia, adding to a long list of multinationals distancing themselves from this country targeted by severe international sanctions.
