Finance Watch – WSJ – Wall Street Journal
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Bonus Pool Is Cut by 17% for 2015
Bonuses paid for 2015 will total €2.4 billion ($2.7 billion), the German lender said, citing Deutsche Bank’s “negative result” last year, when it reported a net loss of €6.8 billion, its first full-year loss since 2008.
Co-Chief Executive John Cryan, who succeeded Anshu Jain in July, has said the bank’s disappointing financial performance and high litigation costs should be reflected in overall employee pay.
Despite the bonus-pool cuts, though, Deutsche Bank’s total compensation rose 5% last year. The bank cited an increase of roughly 3,000 full-time employees, reflecting hiring in compliance and key businesses.
Finra Filing Confirms Suspension for Letter
A former Goldman Sachs Group Inc.
banker’s file with the U.S. securities industry’s self-regulating group confirmed Friday that the Wall Street firm suspended him for making “inaccurate and unauthorized statements” in a reference letter he wrote without its consent.
Tim Leissner, Goldman’s former Southeast Asia chairman, was placed on leave in January after the firm discovered the letter during an internal investigation into the banker’s role in handling deals for a controversial Malaysian government investment fund at the center of a corruption scandal, The Wall Street Journal has reported.
Mr. Leissner’s file on a Financial Industry Regulatory Authority database was updated recently to reflect the review’s discovery.
The file noted that the June 2015 reference letter was “provided to a non-U.S. financial [institution] he wrote on behalf of a foreign affiliate of the firm, without the affiliate’s or the firm’s knowledge or approval.”
Goldman placed Mr. Leissner on leave after executives interviewed him on Jan. 19. A day later, he told the firm he planned to retire, according to the Finra filing. —
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