Deutsche Bank chief executive Christian Sewing said the German lender will pay bonuses in line with its competitors after surging investment bank revenues pushed the bank to its first annual profit in six years.

Goldman Sachs increased bonuses for investment bankers between 10-20%, people familiar with the matter told FN, and by 20% for its traders. JPMorgan has increased bonuses by 20% for front line staff, while reducing payouts for those in other parts of the business, while Citigroup increased variable compensation for fixed income traders by up to 10%.