Deutsche Bank to cut bonus by 60%

Deutsche Bank AG, Germany’s biggest bank, plans to cut bonuses at the securities unit by an average of 60 percent after reporting a record loss, a person with knowledge of the situation said.

Business units hardest hit by the financial crisis such as structured products and proprietary trading will face larger reductions than areas including foreign exchange and commodities, said the person, who declined to be identified because the plan isn’t public. Focus Magazin reported the bonus plan earlier.