Priya Patel
TLDR: Deutsche Bank’s CFO, James von Moltke, has warned employees that bonuses for 2023 will reflect the difficult market conditions experienced by the bank in the previous year. Von Moltke’s comments come after a decline in revenue for the bank’s investment banking unit.
In a Bloomberg Television interview at the World Economic Forum in Davos, von Moltke stated that bonuses would be based on the performance of the bank in 2023. He acknowledged that 2023 had been a difficult year for the investment banking business, particularly in certain areas.
Deutsche Bank’s investment banking unit saw a decline in revenue of 12% during the first nine months of the previous year. This has been attributed to the challenging market conditions in Europe.
Von Moltke’s comments are the first indication of how Deutsche Bank plans to approach bonuses after a tough year. The bank has been working to stabilize its business and improve profitability.
