Deutsche Bank

No Golden Parachute

Rainer Neske Deutsche Bank head of retail banking Source laif 45413471
For Rainer Neske, the outgoing head of retail banking at Deutsche Bank, €3 million plus bonuses are enough.
  • Why it matters

    Why it matters

    Abstaining from a special severance pay could be a sign of Deutsche Bank’s change in culture and break with a scandalous past.

  • Facts

    Facts

    • Rainer Neske, head of retail banking, will leave Deutsche Bank on June 30 in disagreement over the new strategy.
    • He will receive €3 million, or $3.3 million, and bonus payments as per his contract.
    • Mr. Neske, who has worked for the bank for 25 years, has abstained from demanding a special severance pay.
  • Audio

    Audio

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Rainer Neske had won over the hearts of shareholders and employees, and now the longstanding head of retail banking at Deutsche Bank is likely to collect even more brownie points by leaving the bank without a financial settlement.

Mr. Neske had thrown in the towel in the dispute over a strategic realignment at Germany’s largest bank. An employee who chooses to leave his position is normally not entitled to a settlement, nor will Mr. Neske receive one.

However, as Handelsblatt has learned from several individuals familiar with the details, the native of Germany’s Westphalia region is entitled to an equalization payment worth €3 million, or $3.3 million, according to his contract.

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