Deutsche Bank CEO gives up bonus of millions in 'solidarity'

AFP
AFP - [email protected] • 17 Oct, 2008 Updated Fri 17 Oct 2008 09:57 CEST
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The head of Germany’s biggest bank will forego his annual bonus of several million euros to show solidarity with staff in this time of financial crisis, he told daily in an advance release of Bild am Sonntag.

“I told the Deutsche Bank supervisory board that I am renouncing my bonus in this difficult year in favour of hard-working staff that need the money more than I do,” Josef Ackermann told the Bild am Sonntag in comments to appear in its next edition.

The Swiss national intended to express a “personal sign of solidarity,” which would see him do without “a few million” euros in pay. Deutsche Bank’s three other senior board members would follow his example, the bank said.

In 2007, they received a combined total of €33.2 million in pay, of which €4.3 million were performance bonuses. Meanwhile, a financial source told AFP Friday that Deutsche Bank would also not seek state aid even if it is approved by the parliament, as expected.

“Deutsche Bank’s capital structure is very strong, as a result there is no need to seek state aid,” a source told AFP.

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AFP 2008/10/17 09:57

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