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Deutsche Bank cutting bonus by 60pc after record loss.

Global Banking News-4 February 2009-Deutsche Bank cutting bonus by 60pc after record loss(C)2009 ENPublishing -

Global Banking News - 04 February 2009(c)2005 - Electronic News Publishing -

Germany's biggest bank, Deutsche Bank, is slashing bonuses by around 60 percent after announcing a record loss, according to unnamed sources.

Hardest hit will be the structured products and proprietary trading business units. Deutsche's Chief Executive Josef Ackermann is reportedly among those who are waiving the bonus during the financial crisis.

According to Dirk Becker, a Frankfurt-based analyst at Kepler Capital Markets, 'Bonuses are going to be cut in a bad year and everything related to mortgage securitisation and prop trading is going to suffer most.'

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Publication:Global Banking News (GBN)
Date:Feb 4, 2009
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