Deutsche Bank boss to skip annual bonus

October 17, 2008
Shares

, FRANKFURT, October 17 – The head of Germany\’s biggest bank will forego his annual bonus of several million euros (dollars) to show solidarity with staff in this time of financial crisis, he told a Sunday newspaper.

"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 euros (million dollars) 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.

The German parliament was to vote on a plan worth 480 billion euros (650 billion dollars) to support banks hit by the international financial crisis.

Shares

Latest Articles

Stock Market

Most Viewed