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TRENDING TAGS
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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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It's Official: Deutsche Bank Scraps Cash Bonuses
Deutsche Bank CFO Marcus Schneck told investors Thursday that the bank has scrapped its cash bonuses for the year and is looking at tying compensation of senior employees to share price development. However, this may be contradictory to CEO John Cryan's thinking that the share price does not impact the daily functioning of the bank.
One alternative is for the bank to issue deferred stocks as part of compensation. However, this strategy may be risky. It exposes the employee to the performance of the DB shares that have been fairly volatile and are down more than 40% since the start of the year. The strategy could also dampen employee morale and lead to staff moving out of the bank.
"It is key for investment bank to keep its staff. In any change with what has been agreed with staff will impact morale," Gildas Surry, partner at Axiom Alternative Investments told CNBC Thursday. She added: "I think it is a very constructive debate because you have got 2.4 billion euros of deferred bonus to be paid under cash. And some other banks have chosen to pay via contingent convertible bonds, especially Credit Suisse with actual equity stakes in portfolios of collateralized debt obligations (CDOs)."