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Deutsche Bank has lost several senior employees after paying out employee bonuses last month. Earlier this year, the bank cut its 2016 bonus pool by nearly 80%.
According to Bloomberg, at least three executives have left the bank’s trading unit in Asia, two of whom have reportedly taken jobs at competitor Credit Suisse. While many banks are implementing cost cutting measures including layoffs and lower compensation, Credit Suisse set itself apart by increasing its 2016 bonus pool by 6%.
In its annual report released last month Credit Suisse stated the decision to increase bonuses came from a talent retention perspective and that “differentiated approach to determining compensation” was needed to remain competitive. The bank recently announced it will cut up to 6,500 job this year after it reported a US$2.43 billion net loss for 2016.
It’s not unusual for the financial industry to see an increase in job changers shortly after bonuses are paid out, and Deutsche Bank will most likely not be the only bank to see some of its talent leave. However, people close to the bank told Bloomberg that the lack of clarity on compensation may make it harder for Deutsche Bank to retain talent.
Deutsche Bank declined to comment.
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Photo / Deutsche Bank