Deutsche Bank to hike bonuses

FRANKFURT, Jan 28 (Reuters): Deutsche Bank will hike annual bonus payments to more than 1.0 billion euros ($1.2 billion) despite posting its third consecutive annual loss in 2017, a German newspaper reported.

The move comes amid concern another year of low bonuses could prompt investment bankers to defect to more generous competitors, German weekly Frankfurter Allgemeine Sonntagszeitung said on Saturday, citing unidentified sources. Deutsche Bank declined to comment on the report.

A source had said in October that Deutsche Bank, which is struggling to keep pace with Wall Street firms, would pay higher bonuses in 2017 but that the exact level would depend on how its investment bank fared through the end of the year as well as on what its competitors pay.