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Report: Deutsche Bank slashed bonus pool to offset losses

Europe
20.03.2017
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Berlin (dpa) - Deutsche Bank slashed the size of its fund reserved for executive bonuses by 80 per cent last year, after its performance was weighed down by legal costs and a multi-billion-dollar settlement over mis-sold mortgages in the United States.

According to its annual report for 2016, which the bank released on Monday, Deutsche Bank cut its bonuses to 500 million euros (538 billion dollars) from 2.4 billion euros the previous year.

Members of Deutsche‘s management board did not receive bonuses that year, the report said, but their total salaries increased from about 22.7 million euros in 2015 to just under 25.9 million euros in 2016.

The German lender has been cutting costs in recent months through a series of redundancies and is aiming to raise around 8 billion euros in new share capital to offset recent losses.

Deutsche Bank recorded a loss of 1.4 billion euros (1.5 billion dollars) in 2016.

 

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