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Deutsche bankers to receive particularly large bonuses?
16 June 2009By Sarah Butcher
As everyone who has not spent the past six months in a cocoon or broadband notspot will know, fixed income trading has done particularly well in the first half of 2009.
JPMorgan thinks 2009 will be a record year for fixed income revenues, with a 34% increase predicted over 2008.
Equally, Credit Suisse analysts said in a note released this week that thanks to a combination of strong inventory gains, reversal of last year’s losses, healthy client volumes and wide bid/ask spreads conditions for fixed income currencies and commodities trading businesses are, ‘as close to perfect as could reasonably be expected.’
Who’s most likely to benefit most from this fortunate combination of events? As far as European banks are concerned, it looks like being Deutsche bankers. As the chart below from Credit Suisse shows, only Goldman derived a higher proportion of its revenues from fixed income trading in the first quarter.
Source: Credit Suisse (click to expand)
Given their emphasis on fixed income trading, it's probably no coincidence that Goldman and Deutsche Bank were the best paying institutions in the first quarter. This looks likely to remain the case for the rest of the year.
COMMENTS
Joudier, Debt / Fixed Income, Tue 16 Jun 09
Deutsche Bank rocks. Best place I've ever worked. Lets you be creative / entrepreneurial. Pays stupidly well particularly Analyst / Associate level.. fixed income associates I know in 07 and 08 got paid more than Goldmans counterparts. So happy I made the move here, and don't plan on leaving :-)
Add your comment »DB FTW, Debt / Fixed Income, Tue 16 Jun 09
Deutsche Bank IS the new Goldman Sachs!!
Even in this environment, a lot of my grad class (2nd year analysts) passed the £100k bonus mark in February (in fixed income/equity)
Ravinder, Operations, Tue 16 Jun 09
"Investment bankers were the second best paid in the first quarter, with an average of $135k per head"
$540k annualized. Back to 2007 levels then. Congrats Deutsche Bankers!
Babble, Hedge Funds, Tue 16 Jun 09
THE SECOND BEST PAID BANK AFTER GOLDMAN SACHS
THAT WILL DO ME NICELY!!!
Accountant, Accounting & Finance, Tue 16 Jun 09
$135k average for 3mths work?!!!!
I picked the wrong profession :o(
djm, Trading, Tue 16 Jun 09
Is Deutsche Bank the new Goldman Sachs? Having read the chart, we can confirm that 70% is greater than 52% and Goldman Sachs is still Goldman Sachs.
Sarah, you need a vacation. You can join me on my yacht if you wish.
BC, Derivatives, Tue 16 Jun 09
Usually juniors at other banks get paid more than juniors at GS.
Deutsche Bank are decent payers though for sure
Sarah, Editor, eFinancialCareers, HR & Recruitment, Tue 16 Jun 09
@djm. You are right and obviously very observant after relaxing vacations on your yacht. I have just returned from a short break and am catching up. I would love to join you onboard, but have an associated menagerie of small children and animals which I fear would ruin the ambience.
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