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Commerzbank boss sees wages soar despite debts
Published: 2 Oct 12 09:46 CET | Print version
Online: http://www.thelocal.de/money/20121002-45309.html
The chief executive of Germany's second biggest bank, Commerzbank, which is still a quarter state-owned after a bail-out, admitted to a parliamentary committee he has more than doubled his salary despite the continuing debt.
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Despite the bank not clearing its debt, and dipping in and out of financial hot water, chief executive Martin Blessing's salary was uncapped and went from €500,000 to around €1.3 million in a year, the Süddeutsche Zeitung newspaper said on Tuesday.
The paper revealed that he was called in front of a government financial market panel last month to explain the decision, and according to one insider, “to justify his massive pay-rise.”
His argument was that the increase was not a pay-rise, per say, but that previous restrictions on his original wage had been lifted – an explanation that the Süddeutsche Zeitung said left few on the panel convinced.
Commerzbank struggled through 2011 and 2012, with the government even mulling a second multi-billion euro bailout in December last year. It remains to be seen whether investors will receive dividends from the bank – meaning that it may not have turned a profit this year.
Bank officials told a meeting in London last week it was still not certain whether interest could be paid on the tax payers’ shares.
Blessing is working on a new strategy for the bank, while industry insiders are expecting around 1,000 jobs to be cut.
The Local/jcw
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Your comments about this article:
'Per say'? Shurely shome mishtake? Per se, perhaps?
How can an executive be rewarded for such poor performance?
I was a shareholder but sold my stake earlier in the year. I saw little chance of a turnaround. This only adds to the impression I had that the bank will be in the hole for quite some time.