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Deutsche Bank plans to cut bonuses: Sueddeutsche Zeitung

[BERLIN] Deutsche Bank is planning to cut the amount awarded in bonuses this year and freeze the pay of staff not on its in-house collective labour agreement, German daily Sueddeutsche Zeitung reported on Thursday.

The cuts to bonuses will be dependent on business area, the paper reported, citing informed sources, adding the pay freeze would affect around half of Deutsche Bank's staff in Germany.

"The anger over the lower bonuses and the new pay freeze is widespread," Sueddeutsche cited an employee representative as saying.

Deutsche Bank, Germany's largest bank, was not immediately available for comment. It told Sueddeutsche details of its pay report would be published in March.

Last month, it said legal costs would weigh on its results well into 2015.