European investment bankers are generally facing smaller bonuses in 2019, with many expecting double-digit declines.
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For Sewing, the question of compensation is particularly acute this year as he seeks to induce top rainmakers to stay as he seeks to defend businesses such as dealmaking and stock and bond issuance after big cutbacks elsewhere.
More than a dozen high-profile executives from the investment banking units that Sewing wants to keep have joined rivals since May, when the CEO dropped the first big hint that he was going to take an ax to the business. Many top performers are only staying because compensation is still comparatively good, even though morale has slumped after years of piecemeal cuts to the business, according to people familiar with the matter.
The lender typically decides on bonuses in December and January and pays them out in March.
This article was provided by Bloomberg News.