Investment bankers across Europe are braced for cuts of at least 50% in their annual bonuses as Deutsche Bank kicks off the earnings season on Thursday. Banks around the world have slashed compensation after $1,000bn in writedowns of bad loans and toxic assets, of which about a third has been incurred by European financial institutions. A populist backlash against a wave of multi-billion dollar state bail-outs of banks has added to pressure for cuts, even at companies that have not asked for public money. Deutsche would not confirm reports that bonuses for its investment bankers would be cut by 60%.

This entry was posted by Gwen Robinson on Thursday, February 5th, 2009 at 5:48 and is filed under Capital markets, People. Edit this entry.