A German multinational investment bank and financial services company, Deutsche Bank has announced that the bank will pay an inflation bonus to its employees.
The news comes at a time when companies have been laying off employees due to rising inflation. IT companies are already seeing margin pressure due to inflation and impending recession in markets like the US and Europe.
The Deutsche Bank sent a memo seen by Reuters on Thursday which said that the bonus is 1,500 euros ($1,524) for 2022.
It noted it would “give careful consideration” to a similar payment next year. Unions have been pressing for such payments, and some other banks have already agreed on a similar deal.
The bank’s network spans 58 countries with a large presence in Europe, the Americas, and Asia. As of 2021, Deutsche Bank was the 21st largest bank in the world by total assets and 93rd in the world by market capitalization.
As the largest German banking institution, it is a component of the DAX stock market index. It is considered a systemically important bank by the Financial Stability Board.
The company is a universal bank with four major divisions: Investment Bank, Corporate Bank, Private Bank and Asset Management (DWS). Its investment banking operations often command substantial deal flow.