Deutsche Bank drastically cuts 2016 bonuses

Deutsche Bank drastically cuts 2016 bonuses
The skyscraper headquarter offices of Deutsche Bank AG in Frankfurt, Germany.
PHOTO: Reuters

NEW YORK/FRANKFURT - Deutsche Bank has decided to cut bonuses drastically as struggles to turn a profit amid costly litigation, people close to the matter said.

The lender will award no bonuses to its executive board members, these people said.

Employees with titles vice president, director and managing director will get no 2016 bonus, but will be offered a so called retention package, they added.

The retention package will be deferred and if Deutsche Bank's share price is not up 30 percent within the next 3 or 4 years the award will be canceled.

A small number of employees, whose position are of outstanding importance to the future of the bank, will get a longer-term incentive, partly in stock, deferred by up to six years, they said.

Deutsche Bank declined to comment.

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