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Upset as German bank reveals paltry bonuses for many

Bonus season is beginning. And already, it is not looking pretty.

Berenberg, the privately owned German investment bank communicated to staff yesterday that their bonuses are likely to be very low this year. In some cases, they may not exist at all.

Headhunters said Berenberg's London staff have been frantically exploring their options after they were informed yesterday that bonus pool will be greatly diminished. There are suggestions that it may be zero.

Laura Janssens, Berenberg's head of European equities, declined to comment on the specifics. However, Janssens said it's not the case that Berenberg will pay no bonuses this year. Yet, Janssens said Berenberg's bonuses will be "limited and targeted" due to weaker markets, in particular the much weaker activity in equity issuance.

"Due to the more challenging environment, we have moved early to right size our cost base and are confident about our prospects heading into 2023 and beyond," Janssens added. 

Berenberg cut around 5% of its investment bankers in August. It employs around 500 people in London.

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Photo: eFinancialCareers/Dall-e

 

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AUTHORSarah Butcher Global Editor

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