Reports out of Deutsche Bankers are that there will be no cash bonuses this year. And no new Deutsche stock bonuses will vest in the next 12 months. Meaning: no 2016 Deutsche Bank bonuses paid in 2017.

While some believe that Deutsche Bank was compelled under the DOJ settlement to drain the cash bonus pool, senior sources at Deutsche tell efinancialcareers.com this isn’t the case. Regardless of Justice Department’s role, it still makes sense for DB to cut its cash bonuses to the bone – if not do away with them altogether.

JPMorgan analysts say Deutsche Bank will be seriously under-capitalized to the tune of €4.3bn by 2018. The bank could raise up to €2.3bn of that deficit if 3 things happen:  (i) cash bonuses are cut: (ii) bonuses are paid entirely in newly issued stock; and, (iii) bonuses from previous years are clawed back.

While Deutsche insiders say Cryan’s imminent announcement will indeed involve some stock payments, such stock payments will be offered to fewer than 20% of Deutsche staff, and they’ll likely be deferred over 3 years, with the first payment vesting in 2018. Stock bonuses for managing directors and high earners will be deferred for longer periods, and won’t begin to vest until 2022 or later.

Perhaps they should be gratified they have jobs! But you didn’t hear that from us.