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Deutsche Bank raises salaries

Source: Reuters - Tue 19th Jan 2010

Deutsche Bank is raising fixed salaries for staff and cutting variable pay, Germany's flagship lender said on Tuesday as regulators and politicians pursue a clampdown on bonuses.

Deutsche Bank said the move arose from a review to ensure pay "remains competitive."

Fixed pay for 2010 will be calculated using an average based on revenues from the years 2007 - a very good year for investment banking revenues - and 2008, a person familiar with the matter said.

Overall compensation for employees is not expected to rise as a result of the change between fixed and variable components, the person said.

Britain has announced a one-off levy which will tax bonuses by 50 percent in the 2009 bonuses round.

U.S. President Barack Obama last week outlined proposals for Wall Street banks to pay up to $117 billion (71.2 billion pounds) to reimburse taxpayers for a bailout..

France in December announced plans to clamp down on trader bonuses.

News of the change in Deutsche Bank's remuneration policy was first reported in German daily Handelsblatt.

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