Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

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

Share this article

Deutsche Bank CEO gives up bonus of millions in 'solidarity'
Photo: DPA
09:57 CEST+02:00
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.

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

The Swedish university where students tackle real-world problems

Ranked among the world's best young universities in the QS Top 50 Under 50, Linköping University (LiU) uses innovative learning techniques that prepare its students to tackle the challenges of tomorrow.

Advertisement
Advertisement
Jobs
Click here to start your job search
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement