European investment bankers may be in line for their biggest bonuses since 2015 as firms try to hold on to staff after a flurry of trading and deal makingThe headquarters of Germany's Deutsche Bank in Frankfurt, Germany. Picture: REUTERS/RALPH ORLOWSKI
European banks are leaning on their trading and investment banking operations after economic fallout from the pandemic delayed the prospect of higher interest rates that could buoy earnings in traditional banking businesses. At the same time, lockdowns and social distancing have got workers from across the economy rethinking priorities and leaving their jobs in droves.
European banks will have to increase pay to keep up with rivals in a hot job market. Goldman Sachs boosted the amount it set aside for pay in the first nine months of the year by 34%, while JPMorgan’s investment bank allocated 11% more. Canada’s biggest banks shelled out 18% more for bonuses in their 2021 fiscal year.
“It’s a war for talent,” Deutsche Bank CFO James von Moltke said in an October 27 Bloomberg Television interview. “We’re competitive in that war for talent. We aim to pay competitively.”
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