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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
zaza, Debt / Fixed Income, Tue 16 Jun 09
DB are at risk of losing their top earners in Fixed Income and FX as well this year if they dont pay up as they were the in the bottom quartile payers in 2008/09 and one of the harshest deffered schedules of cash on the street....
Add your comment »That so is it, FX & Money Markets, Tue 16 Jun 09
All stems from Anshu Jain - their head of Global Markets - the guy's direction is phenomenal. The fact he has stated that he'll stay at the bank for the next few years, even though Ackermann is staying on as CEO speaks volumes - especially as Citi were after him (probably as a replacement for Pandit).
Add your comment »CSS, Capital Markets, Tue 16 Jun 09
This chart gives me a lot of food for thought.. I actually switched to DB from UBS back in winter 08 when working for the three keys was a big deal. Money here is alrite but people are much harder to deal with. Def not nearly as respectful environment as UBS.
Judging by current loss severity projections, I actually secretly envy the folks that survived the cull at 100 LS. By God within three years time they will be seeing extra $5bn of write-ups every quarter, so those calls with a 10 swissies strike price will become more valuable than a night with Ivanka Trump once again.
Tsunami, Tue 16 Jun 09
Just signed on the line at DB and even happier after reading this!
Add your comment »Sergei, Commodities, Tue 16 Jun 09
Come writers and critics
Who prophesize with your pen
And don't speak too soon
For the wheel's still in spin
And there's no tellin' who
That it's namin'.
For the loser now
Will be later to win
For the times they are a-changin'.
Swizy, Sales & Marketing, Tue 16 Jun 09
i was DB grad 2004
FX sales
Jan2009 bonus €200k?
Y2 analyst on aprx £100k is nonsense
Greg Tate, Derivatives, Tue 16 Jun 09
Is Robert Zimmerman the new Marcus Goldman?
Add your comment »Cream of Credit, Credit, Tue 16 Jun 09
"Y2 analyst on aprx £100k is nonsense"
Haha. Hilarious. Nonsense for you maybe but not for the best. And easily proven.
Curious, Debt / Fixed Income, Wed 17 Jun 09
Is there anywhere to check how my salary compares with others of a similar job. reading some of the comments seems like this years intake are farily underpaid.
Am in my first year of a FI sales role at a bank earning 43-45k