Deutsche Bank to cut 2015 bonuses after record loss: sources

[January 25, 2016]  FRANKFURT (Reuters) - Deutsche Bank is drastically cutting 2015 bonuses as it expects to post a record loss for the year on writedowns, litigation charges, restructuring costs and tough trading conditions, three people familiar with the matter said.

While Deutsche Bank employees will only be informed in March about their individual bonuses, they have already been told that payout pots for individual divisions will shrink by at least 25 to 30 percent, they added.

"For staff, 2015 will be very likely one of the worst years ever," a Deutsche Bank manager said, who declined to be named.

Another person familiar with the matter said that all employees would be affected who are paid above union-negotiated collective wage agreements, such as investment bankers.

Deutsche Bank declined to comment.

(Reporting by Kathrin Jones; Writing by Arno Schuetze; Editing by Maria Sheahan)

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