When investment banks award bonuses, it's a given that some people will be disappointed. Deutsche Bank's 2021 bonuses, which were announced yesterday, seem to be no exception.
Despite Deutsche Bank bonuses seeming to be up by 15% this year, and despite an extra €150m going into bonuses across the bank, early indications are that there are pockets of disappointment.
One such pocket appears to be in DB's strats team, where insiders are complaining of "rubbish" bonuses after a reorganization shifted them out of the investment bank and into the team of the chief risk officer last year. "It's been very political," says one director. "Our MD now has no leverage."
Deutsche Bank declined to comment on its bonuses, which are likely to be higher in areas like M&A and fixed income trading, which did comparatively well last year.
The German bank also promoted its managing directors yesterday, but declined to comment on the size of the new MD class or its composition. One of those on the list is known to be Simon Peach, a former head of operations at Deutsche's Birmingham office, who was shifted to London a few years ago. Robert Ohnsorge, an MD in technology banking, is also in the new MD class.
Insiders at DB say there's also been disappointment regarding MD promotions, with some of those who were expecting to get promoted failing to make the grade. Heavy external hiring is blamed - in the final six months of 2021, Deutsche made at least 12 MD-level hires externally in London. Other teams have also hired externally: John Johnston, for example, joined as head of analytics from Investec in September. Traders like Nicholas Hall joined in November.
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