Commerzbank and Deutsche Bank have now both published their compensation reports for 2019, laying out the salaries and bonuses at the two German banks last year. Predictably, there is a large discrepancy between the two.
Commerbank's investment bank is considerably smaller than Deutsche's. It's also considerably worse paying, at least in terms of bonuses. As the chart below shows, the average bonus in Commerzbank's investment bank was a mere €20k last year, versus €71k at Deutsche. Salaries at Commerzbank were, however, higher.
Where Deutsche Bank really pays a lot more than Commerzbank, however, is when it comes to 'risk taking' employees who are governed by European Union's compensation rules. As the chart below shows, the average risk taker at Deutsche Bank earned €1.4m last year. The average risk taker at Commerzbank earned €369k.
With most Commerzbank investment bank staff based in Frankfurt rather than London or New York, the discrepancy in pay between the two banks also reflects the higher compensation on offer in the two global financial centres. Pay of €1m+ is comparatively unusual in Frankfurt, but is more commonplace in London and New York. Commerzbank had just 17 people earning this amount last year; Deutsche had nearly 600.
Number of people earning more than €1m at Commerzbank in 2019
Number of people earning more than €1m at Deutsche Bank in 2019
Source: Deutsche Bank
Photo by Daniele Levis Pelusi on Unsplash
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