Deutsche Bank

A Call for Modesty in Executive Pay

christian sewing reuters
Christian Sewing, like many other Deutsche Bank executives, is praying for better days.
  • Why it matters

    Why it matters

    Deutsche Bank needs to cut costs across the board, and executive bonuses should not be taboo.

  • Facts

    Facts

    • Deutsche Bank reported a record loss of €6.8 billion in the last fiscal year.
    • Profits were down 80 percent in the first half of 2016.
    • The decision on whether to eliminate top management bonuses is up to the bank’s supervisory board.
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    Audio

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In light of the difficult situation at Deutsche Bank, a member of the bank’s management board is campaigning for a new freeze on bonuses for top management.

“If we aren’t paying our shareholders a dividend, our own bonuses must be up for debate,” Christian Sewing, head of private, wealth and commercial clients division, told the Bild newspaper. But the decision would be up to the supervisory board, not the management board, he added.

This spring, the bank’s top leadership had already unanimously relinquished claims to variable compensation for 2015. Deutsche Bank had reported a record loss of €6.8 billion ($7.7 billion) and canceled its dividend in the last fiscal year.

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