Deutsche Bank promoted these new MDs amidst talk of "bifurcated" bonuses

Deutsche Bank has promoted a new round of managing directors. It has also paid its bonuses. We have observations on both phenomena.

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The full list of new managing directors (MDs) in Deutsche's investment bank is shown below. There are 54 names on the list. 28 are in fixed income and currencies; 19 are in investment banking and capital markets; seven are in research. 

The list doesn't include middle and back office staff. 19 of the new MDs are in the US; 17 are in the UK; only three each are in Singapore and Germany; only one is in Hong Kong. The list below is in alphabetical order and at its head is Johannes Ackermann, a director in rates structuring at Deutsche Bank in Switzerland. We asked Deutsche Bank whether Johannes is related to Josef, Deutsche's former chairman, and the bank did not immediately respond to a request to comment. 

Deutsche Bank announced its new MDs shortly after announcing its bonuses. Insiders say bonuses were announced last week. In investment banking and capital markets (IBCM) we understand the pool was down by a low single digit percentage and that bonuses they were "more bifurcated than usual" with strong performers paid well and moderate performers paid less so. In markets, sources said bonuses were "slightly up" on the sales side but that no one was happy. Juniors were paid slightly up, "and seniors had to finance that," said one existing MD. "Some people are happy and others are miserable," observed one MD in New York.

Deutsche Bank's M&A revenues were up by only 1% last year, versus an increase of 53% at Citi and of 34% at Goldman Sachs. Debt capital markets revenues were down nearly 14%. Mark Fedorcik, the very positive former co-head of Deutsche's investment bank stepped down last February and was replaced by Alison Harding Jones. Under Harding Jones, senior MDs say there seems to be more focus on M&A and less on leveraged finance.

Deutsche Bank declined to comment on its bonus pool.  Bloomberg reported in January that Deutsche Bank was intending to increase bonuses in its investment bank by 10%. Given the apparent decline in IBCM, it may have had a change of heart. Last year, the bonus pool in Deutsche's investment bank rose by 32%. 

The German bank used to promote its MDs and pay MDs in February. However, it delayed doing so until March until March to save money a few years ago and has paid later ever since. 

One upbeat associate at the bank tells us things are pretty positive there. "The share price trajectory has clearly supported confidence, and there’s a sense the bank has moved from turnaround and transformation mode toward growth and market share capture." Hopefully this will come to pass; Deutsche's M&A business lost rather than gained share in 2025.
 

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