Deutsche Bank is scrapping bonuses for senior employees because of the bank's performance

Deutsche Bank, the troubled European bank, is doing away with 2016 bonuses for senior employees, according to a report from Bloomberg.

Bloomberg's Stephen Morris and Ambereen Choudhury, citing sources at the bank, said that the cutback on bonuses is due to the bank's performance for the year but is not tied to legal fees.

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2016 was a tough year for the bank. The Department of Justice announced on Tuesday that it settled with the bank for $7.2 billion due to violations regarding financial crisis-era residential mortgage-backed securities. That was less than the original $14 billion settlement the DOJ was seeking in September that sent the bank's stock spiraling and led to questions of a bailout from the German government.

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SEE ALSO: Deutsche Bank will settle with US regulators over mortgage-backed securities for $7.2 billion

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