Glos demands bankers sacrifice bonuses

Author thumbnail
21 Oct, 2008 Updated Tue 21 Oct 2008 08:12 CEST
image alt text

German Economy Minister Michael Glos on Monday called for investment bankers to follow the example of Deutsche Bank CEO Josef Ackermann by forgoing their bonuses this year in light of the global financial crisis.

“A show of remorse and change would perhaps restore some of the lost trust in banks and their managers,” Glos told the Tuesday edition of Passauer Neue Presse. “It would be a good signal indeed when lots of other investement bankers would join Mr. Ackermann by donating their bonuses to a worthy cause.”

While Glos said such a move would be a “beginning,” Ackermann decision to go without special compensation hasn’t been widely welcomed. Christian Democratic MP Norbert Röttgen has called it a mockery and demanded the country’s banks take much broader action. “I find one consequence from these past weeks should be that banks toss their current bonus system in the trash can,” he said.

Politicians have also slammed Ackermann this week for saying he would be “ashamed” if Deutsche Bank took taxpayer money for a bailout. The German government called his comments “incomprehensible” and unhelpful.



2008/10/21 08:12

Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in to leave a comment.

See Also