Business Irish

Wednesday 26 October 2016

Irish bank workers face bonus cuts

Published 10/10/2015 | 02:30

Employees at Deutsche Bank in Ireland may see their bonuses cut this year as the company says that workers need to 'share the burden' of the its poor quarterly results.

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Deutsche Bank announced earlier in the week that it would be posting a pre-tax loss of €6bn and warned investors of a potential dividend cut. The bank employs around 400 people in its Dublin-based Irish headquarters.

In his open letter to staff, chief executive officer John Cryan said: "The news is not good, and I expect a number of you will be very disappointed by it.

"While compensation considerations are not based on this year's financial results alone, our shareholders will rightly expect employees to share something of the burden."

On Wednesday the company announced an impairment of its 19.99pc share in Chinese bank, Hua Xia. The impairment is valued at €600m. A larger impairment, of goodwill and other intangibles, is valued at approximately €5.8bn. It is understood that a large chunk of that €5.8bn is attached to Bankers Trust, which the company purchased back in 1999 for $10bn (€8.8bn).

Irish Independent

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