Europe’s Top Investment Banks Set to Cut Bonuses on Deal Slump
- Variable compensation to drop at lenders such as Deutsche Bank
- Fall mirrors Wall Street trends after boom-and-bust cycles
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Deutsche Bank AG, UBS Group AG and Societe Generale SA are planning to reduce the overall amount of variable compensation they will pay out for 2023 after a tough year for Europe’s investment banks.
Staff in some units that performed well may still receive higher bonuses, people familiar with the matter said, without saying how big the cuts will be. But the overall pot will drop, the people said, asking not to be identified discussing private information noting that the decision process is ongoing.