Staff at Deutsche Bank are happier about pay than their peers, according to a survey. The findings come as a surprise given the bank's woes and may soon be reversed again.
About 46 percent of those surveyed at Deutsche Bank said they were happy with the total compensation they received for 2017, and only 29 percent were unhappy, according to a survey of 3,100 financial professionals compiled by career portal efinancialcareers. Barclays came in second, with 40 percent of those surveyed saying they were happy with their pay, and 34 percent who were unhappy. Asian banks weren't included in the survey and neither was Switzerland's largest bank, UBS.
The findings contrast starkly with the survey results of«Emolument» – as reported by finews.asia last year – which showed Deutsche Bank staff as being the most unhappy lot with their pay. Emolument's survey covered 1,640 bankers based in London.
Please the Deutsche Staff
The bonuses at Deutsche Bank may have steadied morale at the bank, based on the bank's own survey. The German bank's annual internal survey revealed that 57 percent of the company's staff remained «committed» to the lender despite its current woes, according to a recent «Bloomberg» report.
However, last year's generous payouts have also drawn flak from German politicians because they contrasted with the bank's third consecutive annual loss in 2017. The bank's share price is also at a five-year low. Deutsche bankers may yet turn out less happy once they are asked about pay this year, given the strong public feelings and as new chief Christian Sewing takes the reins.
Happy Chiefs in Singapore
According to the banks' annual reports, chiefs at Singapore's three local banks saw their pay increase substantially in 2017, while remaining within a fairly narrow range. DBS Chief Executive Piyush Gupta received a 23 percent pay increase, taking him to S$10.3 million ($7.5 million) in cash and shares.
OCBC Bank Chief Executive Samuel Tsien received a 15.6 percent increase, and S$9.69 million in total for 2017, whereas United Overseas Bank Chief Executive Wee Ee Cheong got an 11 percent pay rise, taking him to S$9.4 million, according to a «Straits Times» report.
Singapore: Better Than Expected
Bonuses amongst Singapore bankers were better than expected in 2018, according to a report by recruitment firm Randstand. The banks performed strongly last year, with higher fee income and cost efficiencies.
«The average bonus for banking talent ranged between 2.5 to 3.5 months, while annual salary increment remains at 1.0 to 3.5 percent for most employees,» said Lim Chai Leng, a director at Randstand.
