Deutsche Bank bosses to go without bonuses after third annual loss
Deutsche Bank's 12 board members will go without a bonus this year after the firm's third annual loss, its chief executive has confirmed.
Reports had been swirling of a potential €1bn bonus payout, stirring up criticism after the bank revealed last month it had racked up a loss last year, with a hefty hit from the US tax reforms and a poor investment banking performance proving a drag.
However, John Cryan said while the bank had notched up some notable progress over the past year, he felt responsible for the fact not all goals had been achieved. So the bank's executive management will forego a bonus once more.
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).
"The variable compensation won’t be as high as it was in 2015, but it will be significantly higher than in 2016," Zeit reported Cryan as saying at SXSW.
So, Deutsche Bank's pool will be higher than the €546m (£485m) for 2016, but below the €2.4bn for 2015.
Cryan denied the upcoming total that will be announced next Friday would be around €1bn, saying he did not know where that figure had come from in recent media reports.
Deutsche Bank had been in the spotlight over the potential payout, after posting a €500m loss last year.
The bank's boss said he wants the bank's resurgence to be quicker, "but it also takes time to turn an oil tanker around".
Last November, Cryan suggested that tens of thousands of jobs could be eliminated at the bank, as it works to align costs with a dip in revenues.
The news followed a five-year restructuring plan announced in late 2015, which promised to chop 9,000 jobs.
And last month, reports emerged that Deutsche Bank planned to cut up to 500 jobs globally at its investment bank as it looks to keep on top of cost-cutting plans.