Deutsche Bank today confirmed bankers’ fears of bonus misery as it slashed last year’s compensation and benefits pot by nearly half, leaving the average compensation for staff in its corporate and investment bank 43% lower than the previous year.

Financial News reported on Monday that, with six European banks including Deutsche Bank expected to this month announce annual staff bonuses for last year, payouts were likely to be substantially below those doled out for 2007 based on indications from US banks.