Deutsche Bank employees are to receive record cash bonuses this month after the corporate and investment bank cut the stock element of its bonus scheme.

The bonuses take average compensation at the investment bank to $502,000 (€417,000) for last year, up 21% on 2004. This is just a few thousand dollars behind the average $521,000 pay at Goldman Sachs. The rise follow a 57% increase in underlying pre-tax profits in the division in 2005.