Deutsche Bank headcount, pay up despite deep loss

Deutsche Bank revealed an increase in staff pay and headcount in its annual results on Friday, even as it slumped to a multi-billion euro loss, though its bonuses were reined in significantly.

Co-chief executive John Cryan said in the annual report that the bank remained "solid", though it had endured a challenging start to the year, as he promised to keep a lid on costs.

The bank got rid of bonuses for its board last year. Its overall bonus payout was down 17% to €2.4bn (£1.87bn) at constant currencies.

Total staff pay, however, rose 5% to €10.5bn. The bank blamed the effects of currency movements, and a 3% increase in headcount. Deutsche Bank now employed 101,104 staff.

It had reported an annual loss in January - its first since 2008 - at €6.8bn, sending its shares plunging.

"The beginning of 2016 has seen volatility in the world financial markets," Cryan said.

"The seasonally strong first quarter might turn out to be challenging for the sector overall. Deutsche Bank is no exception to this," he added.

He made mention of the bank's €215m in liquidity reserves, and described its capital base as strong, with "significant sources of reliable funding".

2015 was also a year in which the bank had €5.2bn in litigation costs. On Friday, it revealed it was being investigated by US authorities over alleged links between its Asian hiring practices and people in government - the so-called 'princeling' problem.

It was reported Cryan received total compensation of €2.37m in 2015, though he began his role in June. His co-chief executive Juergen Fitschen, who planned to step down this year, was paid €4.5m. A year earlier Fitschen received €7.4m.

Shares in Deutsche Bank were trending up in the morning, but pared back some of those gains as Europe entered afternoon trading. At 1203 GMT, it was up 5.86% to €18.07.