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Deutsche Bank to cut 2018 bonus pool by about 10 pct: Bloomberg

Reuters  |  FRANKFURT 

(Reuters) - Deutsche Bank's management board has decided to cut the lender's 2018 bonus pool by around 10 percent in an effort to cut costs while retaining talent, reported.

Bloomberg, citing unnamed people familiar with the matter, also reported on Tuesday that bonuses would be paid more selectively. The pool could change, depending on fourth-quarter earnings figures, the report said.

A for declined to comment.

Germany's largest lender paid bonuses worth 2.3 billion euros ($2.63 billion) for 2017, four times higher than the previous year, the said in its annual report.

Its top managers went without bonus payments for 2017 after the lost 735 million euros, the third annual loss in a row.

Deutsche Bank, which is expected to turn a profit for 2018, has vowed to pay competitive bonuses in an effort to keep staff from moving to rival firms.

($1 = 0.8740 euros)

(Reporting by Tom Sims, editing by Tassilo Hummel and Alexander Smith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 08 2019. 22:10 IST