Deutsche Bank Director comp in London
I have been approached for a couple of Director roles in Technology, based in London. I am trying to understand what is the likely base comp and TC, as there is little information on here, Glassdoor and recruiters tend to just base the offer on your current TC. I have seen base between 120k and 220k and TC varying from 180k to 300k+ (all in GBP). What is the real range? Can base really go up to 220k for a D in tech?
Depends. It is indeed a very wide range. Base of 220 is likely if you're an MD.
Thanks, so 220 is out of range for D? I am just trying to save myself time if what they can offer is not too far from my current package. The recruiters told me about the concept of Total Reference Comp. What is that likely to be for D?
220k TC for director sounds reasonable but base only sounds absurd. Some front office directors don't get that. Get ready to be severely underpaid at DB and be unappreciated. Absolutely one of the worst places to work for in banking as a whole. Just something to think about before accepting the role.
Okay, then it might be not worth the hassle. So base won't go above 200k? Do you mean that 220k is more likely to be the total reference comp? The recruiters said that for good performance the TRC is paid in full, is it true?
I mean the recruiters can say whatever they want. I know instances where people were offered fixed number for TC to come in. Then eventually the business changed their mind and used some bs justification like "for the team and the company" they can't meet the promised TC. At the end of the day, if it is just a verbal offer and not on legal document, they aren't legally obligated to follow it. DB isn't a position of strength financially at the moment and won't be in the future. Probably worth considering this first.
Just ask for a lot of money and tell them you’re willing to negotiate. Then wait for the offer. Our recruiters will try to lowball you no matter what.
We're still in cost cutting mode. Our CEO believes that we can cut our way to number 1. So don't be surprised if they lowball you 30% below market rate.
I have dealt with recruiters that make you believe that your ask is within the range and then at the end of the interview cycle propose a lower comp claiming that it is due on your experience and interview performances. I want to avoid going through this again. Hence my request about the range. I was under the impression that DB was one of the top (same levels are JP and GS, better than the other European) in term of comp, I take it is not the case anymore, right?
From my experience, the Total Reference Comp is very likely to be met in the first year (200-300k is really not a bit deal for DB against losing their credibility in attracting talents). But get ready for the shitty bonus the following years. I would try to negotiate high base and make sure that can cover your basic expenses because bonus for the second year onward can be as low as 10k
Also, comp depends on team, if you are in Quant Trading or Strats, Director can definitely get 200k gbp base and 300k gbp tc (at least for the first year). But you will be disappointed that half of that is taxed to paid this hopeless country (empty fuel, energy crisis to name a few)
DB is full of crooks i swear, but unfortunately i have no pointers
Is that any different from any other Bank in London?
I suppose DB just works closer to home, the epstein ordeal and then ordering a hitman on the judge is pretty wild