Deutsche Bank told some employees on Wednesday that job cuts will continue even after Germany’s largest lender slashed bonuses for senior staff. In some parts of the investment bank, managers have been asked to identify the bottom 20% of performers in preparation for possible cuts. The global markets business is making front-office cuts this week and next.

The bank’s current business plan includes eliminating about 9,000 jobs globally from 2015 through 2018 - a 9% reduction across the firm. Deutsche Bank CEO John Cryan, who has also suspended dividends and sold risky assets to shore up capital, said in October he will be “more ambitious in headcount reduction.”

In a memo on Wednesday, the bank said it scrapped the bonuses of its top executives for a 2nd straight year and slashed variable compensation for other senior employees. The announcement came a day after Deutsche Bank finalized a $7.2 billion settlement in the U.S. over its role in selling mortgage securities that contributed to the financial crisis.

BONUS CUTS.    The compensation measures will affect about a quarter of employees, including VP’s, directors and MD’s, who will not receive an individual bonus. A “limited number” of employees in crucial positions will receive a special long-term incentive, partly in stock, that will be deferred for as long as 6 years, according to an internal memo.

The widespread compensation cuts, unprecedented in the bank’s recent history, highlight the severity of its troubles, and come as fixed-income traders around the world are about to see their annual pay grow for the first time since 2012 amid a surge in bond trading.

The bank said it plans to return to its regular compensation program for 2017.