Bloomberg has got a story saying that Deutsche Bank is cutting its bonus pool by 'almost a third'.
This is the nub of the matter:
Sounds bad? Don't be deceived.
Those of you with good memories will recall that:
1. Deutsche Bank increased average salaries for its 'material risk takers' from €250k in 2013 to €476k last year.
2. Deutsche Bank increased junior salaries (in London) by 35% in April.
In the circumstances, the bonus cut looks not only inevitable, but generous.