- Size of decline in bonuses set to outpace 5% drop in headcount
- CEO Sewing seeking to balance cost cuts with retaining talent
Deutsche Bank AG is considering deep cuts to bonuses for this year as Chief Executive Officer Christian Sewing seeks to eliminate billions of euros of costs in a radical restructuring.
Germany’s largest lender may reduce discretionary compensation by as much as 20%, outpacing a 5% decline in the bank’s workforce this year, according to people with knowledge of the matter. Sewing and the board still haven’t made a final decision since the fourth quarter isn’t yet over, the people said.