Deutsche Bank’s Bonuses and the Key Questions Facing CEO Sewing

As Deutsche Bank AG nears its end-of-year decision on bonuses, one question looms large for Chief Executive Officer Christian Sewing: How much can he afford to pay to keep top investment bankers?

Sewing may use performance-based pay to induce top rainmakers to stay as he seeks to defend businesses such as dealmaking and stock and bond issuance after big cutbacks elsewhere. But his pledge to reduce costs by $6.4 billion as part of his sweeping revamp limits how much he can shell out.

Christian Sewing

Photographer: Krisztian Bocsi/Bloomberg

His challenge -- retaining key employees at a difficult time while not antagonizing shareholders -- ...