Deutsche Bank foregoes 2008 bonuses due to crisis
The top executives of Deutsche Bank <DBKGn.DE>, Germany's largest bank, will forego their bonus payments for 2008 as the first complete management board of a bank to take this step in reaction to the finance crisis.
By Agencies |
FRANKFURT: The top executives ofDeutsche Bank , Germany's largest bank, will forego their bonuspayments for 2008 as the first complete management board of a bank to take thisstep in reaction to the finance crisis. Deutsche Bank Chief Executive JosefAckermann decided to abstain from his extra payments for 2008 and the rest ofthe executive board will follow suit, a spokesman for Deutsche Bank said onThursday.
He was confirming comments from Ackermann made in aninterview with German paper Bild am Sonntag. A person with knowledge of thematter said the supervisory board will also forego their bonuses for 2008. Theperson declined to be identified. The management board of Deutsche Bank receiveda total of 33.2 million euros ($44.74 million) for 2007, of which 4.3 millioneuros were not tied to performance.
Although it appeared to be thefirst instance of an entire management board giving up its bonus amid thecurrent credit crisis, individual executives have previously taken similarsteps. Morgan Stanley Chief Executive John Mack and former BearStearns CEO Jimmy Cayne and other top executives of the now defunct brokerageall forsook bonuses as well.
He was confirming comments from Ackermann made in aninterview with German paper Bild am Sonntag. A person with knowledge of thematter said the supervisory board will also forego their bonuses for 2008. Theperson declined to be identified. The management board of Deutsche Bank receiveda total of 33.2 million euros ($44.74 million) for 2007, of which 4.3 millioneuros were not tied to performance.
Although it appeared to be thefirst instance of an entire management board giving up its bonus amid thecurrent credit crisis, individual executives have previously taken similarsteps. Morgan Stanley
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