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Deutsche Bank bosses to forego bonuses for 2017 after third annual loss

The bank will detail executive compensation when it publishes its annual report next Friday

Reuters  |  Frankfurt 

A statue is seen next to the logo of Germany's Deutsche Bank in Frankfurt, Germany. Photo: Reuters

Top managers at will forego their annual bonuses, CEO John Cryan said, after coming under fire for awarding big incentive payouts even though Germany's largest bank lost money last year.

Cryan was quoted by the Zeit weekly as saying the 12-member executive board would not get for 2017, but variable compensation would be paid to other staff as planned.

At a Zeit event at the South by Southwest tech conference in the United States, Cryan said the bonus pool would be "significantly higher" than the 546 million euros ($672 million) paid in 2016 but below the 2.4 billion euros awarded the year before.

came under fire in January over reports it planned to pay more than 1 billion euros in despite being pushed to its third consecutive annual loss due to the one-off impact of a U.S. tax reform.

With Deutsche still struggling to return to the black under the stewardship of the 57-year-old Briton, the generous pay awards irked many in as perceptions grow that wealth is increasingly being concentrated in the hands of the super-rich.

At the same time, is slashing its headcount, having reaffirmed plans to cut 9,000 jobs from 2015 levels, around one in 10 staff globally, with 4,000 expected to go in

A spokeswoman for confirmed that the Zeit report was accurate. The bank will detail executive compensation when it publishes its annual report next Friday.


First Published: Sat, March 10 2018. 15:51 IST