Deutsche Bank is scrapping bonuses for senior employees because of the bank's performance
Spencer Platt/Getty Images
Bloomberg's Stephen Morris and Ambereen Choudhury, citing sources at the bank, said that the cutback on bonuses is due to the bank's performance for the year but is not tied to legal fees.
The decision to roll back bonuses was made at the end of 2016, according to Bloomberg, and will not impact junior employees who are already on fixed salaries.
2016 was a tough year for the bank. The Department of Justice announced on Tuesday that it settled with the bank for $7.2 billion due to violations regarding financial crisis-era residential mortgage-backed securities. That was less than the original $14 billion settlement the DOJ was seeking in September that sent the bank's stock spiraling and led to questions of a bailout from the German government.
- OnePlus Nord CE 4 Lite to launch soon in India – expected price, specs and everything we know so far
- CBSE Class 12 results: 87.98% students pass exams, girls outshine boys
- Tata Motors shares tank over 9%, mcap declines by ₹29,946.88 crore
- Gold rate today: Latest gold rates in Mumbai, Delhi, Kolkata, Bengaluru, Chennai, and other Indian cities
- Aadhar Housing Finance IPO allotment – How to check allotment, GMP, listing date and more