Deutsche Bank AG cut its 2016 bonus pool by almost 80 percent, a figure unmatched in the bank’s recent history as it tries to recover from legal expenses that wiped out profit and eroded capital levels.
The lender is reducing payouts with an eye toward shareholders and is aware it will be “frustrating” for employees, Chief Administrative Officer Karl von Rohr told Frankfurter Allgemeine Sonntagszeitung in an interview. The measures will affect about a quarter of the 100,000 staff, the German Sunday newspaper cited him as saying. The comments were accurately reported, a Deutsche Bank spokesman told Bloomberg on Monday in Frankfurt.
