Deutsche Bank’s trading unit, led by Ram Nayak, has been a key driver of chief executive officer Christian Sewing’s turnaround plan.
Deutsche Bank’s rates traders received some of the biggest increases in bonuses as Germany’s largest bank unveiled compensation details on Wednesday.
The business, which recorded a five-fold jump in revenue last quarter amid rapid increases in central bank interest rates, enjoyed the largest gain in variable compensation within the securities unit, according to people familiar with the matter.Currency traders and the emerging markets desks also received rises, albeit smaller ones, while the financing business was roughly flat and the pool for credit traders was cut, the people said, asking for anonymity discussing internal information.
Compensation expense at the investment bank rose 8 per cent last year, which includes money set aside for bonuses that are being paid out now. In the prior year, variable pay made up about half of the compensation expenses in the investment bank. Bloomberg previously reported that Deutsche Bank’s traders would see a slight overall increase in their bonus pool, compared with a deep cut for staff in the division advising companies on acquisitions and raising capital. That is likely to result in an overall reduction for the investment banking division as a whole.
The German lender is slated to disclose some bonus details when it publishes its annual report on March 17, though it does not break down bonuses for the various parts of the trading business.
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