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Deutsche Bank mulling job cuts
Photo: DPA

Deutsche Bank mulling job cuts

Published on: 24 Mar 2009 14:00 CET

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financial crisis.

"New economic measures might be necessary. The elimination of jobs cannot be ruled out," the bank said in its 2008 annual report.

Deutsche Bank boss Josef Ackermann added however that the bank was "well positioned" to deal with the crisis and that early results this year were encouraging.

Ackermann, a Swiss national, has given up his 2008 bonus and earned a total of €1.4 million ($1.9 million) last year, 10 times less than in 2007, the report said.

Germany's largest private bank reported a net loss of €3.9 billion euros in 2008, its first loss since the bank assumed its present form in 1956.

The bank's three other board members have followed Ackermann's example, and received between €625,000 and €893,000 each last year, compared with up to €5.7 million in 2007.

As at many companies, a large part of the bank executives' pay is intended to be based on the group's results.

The economic crisis has focused public attention on salaries paid to senior company directors and has led to controversy in France, Germany and the United States.

Germans expressed outraged on learning that the head of Postbank, which has the nation's biggest retail network, was paid 50 percent more last year even as the bank fell into loss.

The government has approved draft legislation that would restrict executive pay by doubling to four years a delay before they could cash in stock options, for example.