DB - Deutsche Bank employees may get big bonus cuts for messaging app use - report

• Deutsche Bank ( NYSE: DB ) will reportedly slash bonuses for employees that used inappropriate messaging apps for business communications, part of the fallout from a broad U.S. investigation into the investment banking sector's communications recordkeeping practices.
• Staff that were found to have participated in particularly severe breaches of policy will see a dramatic cut in variable pay, Bloomberg reported Wednesday, citing people familiar with the matter.
• In September, 15 investment banks and one investment adviser agreed to pay penalties totaling more than $1.1B to settle a Securities and Exchange Commission allegations that they failed to maintain and preserve records of electronic communications. Deutsche Bank Securities ( DB ), with its DWS Distributors and DWS Investment Management Americas units, agreed to pay $125M under the agreement.
• The bank's top executives took pay cuts last year because of the issue, Bloomberg said .
• The SEC probe is continuing and has expanded to include hedge funds and asset managers, Bloomberg had reported.
• Investment bankers at the German lender were already facing a 40% reduction in bonuses as deal-making and debt and equity issuances deteriorated in 2022.

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