Deutsche Bank reported third-quarter results today, filling in details from a preliminary announcement last week. Its unexpected pre-announcement of headline earnings figures was overshadowed by blow-out results from the investment banking divisions of American rivals.
Although all of the German group’s divisions were profitable in the third quarter, the investment bank’s €988m pre-tax profit accounted for three-quarters of Deutsche Bank’s overall earnings. As is becoming customary, another way of gauging the health of the investment bank is to look at how much it pays its employees. (Amidst widespread anger and resentment over bankers’ pay, this could be called a bank’s “gumption gauge” or “swagger scale”.)
In the first nine months of this year, the average worker at Deutsche’s investment bank earned around €280,000, already more than the €259,000 earned in 2008 as a whole.