World Economy

Deutsche Cuts Bonus Pool

Deutsche Cuts Bonus PoolDeutsche Cuts Bonus Pool

Deutsche Bank AG, which runs Europe’s biggest investment bank, cut its bonus pool by 11% after rising legal expenses hurt earnings last year and said volatility in financial markets means the first quarter may be challenging, Bloomberg reported. The company will pay €2.41 billion ($2.69 billion) of bonuses for last year, down from €2.71 billion, it said in a statement from Frankfurt on Friday. Variable compensation at the investment banking and trading unit fell 15% to €1.45 billion. At constant exchange rates, the declines were 17% and 20%, respectively, Deutsche Bank said.