For months, Deutsche Bank’s managers found themselves in the hot seat, pushed to explain why they and their employees deserved generous bonuses despite letting the lender’s bottom line dip into the red for the third year in a row.
They blamed it on the Americans. After all, the government in Washington recently passed a tax reform that would let them weigh past losses against their tax burden. Their critics were still unmoved. The bank didn’t make a huge profit in 2017, they argued: So why should you?
After much deliberation, and even more dithering, Deutsche Bank CEO John Cryan recently announced that he and other top executives at Germany’s largest lender would not be receiving any additional compensation for their work last year. The employees, on the other hand, would.