Deutsche Bank bonus pool hits £1.78bn as top bosses forgo payouts
Deutsche Bank’s bonus pool for 2017 will be above €2bn (£1.78bn), the German lender said today.
The bonus pot for last year is higher than the €546m paid in 2016 but below the €2.4bn awarded the year before.
Over the weekend, the bank’s chief executive John Cryan announced that its 12 board members will go without a bonus this year following the firm’s third annual loss.
However, variable compensation for other staff will go ahead as planned, Cryan told a panel discussion with the editor of Germany’s Zeit Online at South by Southwest (SXSW).
Last month, Deutsche Bank posted a net loss of €500m for 2017 after taking the charge related to the US changes to cross-border taxation, although corporate tax cuts will benefit future earnings. Without the charge the bank would have seen full-year net income of around €900m.
Karl von Rohr, a board member of the bank, told news agency Deutsche Presse-Agentur that bonuses were sacrificed because the management considered its best “the board takes responsibility” but it is not of the opinion that “we did a bad job”.