• The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

  • Web of dependency

    Zupta defenders are playing cat and mouse with ratings agencies, says Solly Moeng.

All data is delayed
Loading...
See More

Deutsche Bank director calls for bonus caps

Sep 16 2012 16:45
Reuters
Frankfurt - Deutsche Bank should introduce a cap for top salaries, and staff do not need to earn double-digit million euro amounts, Werner Wenning, a member of Deutsche Bank's supervisory board, told Frankfurter Allgemeine Sonntagszeitung.

The demands by Wenning, a member of the German bank's 20-member board of directors, also known as the supervisory board, will add fuel to a debate raging within Germany's flagship lender about how to change its remuneration policy and remain competitive during an economic downturn.

"I'm in favour of caps," said Wenning, who this week also became supervisory board chairman at Germany's largest drugmaker Bayer.

A radical downsizing of the investment banking industry as a whole means the danger of high-level staff defections had abated, making it easier to pay lower salaries, Wenning told the paper.

"No manager, and no investment banker, needs double-digit million pay," Wenning said.

Earlier this week Deutsche Bank's new co-Chief Executives Anshu Jain and Juergen Fitschen told shareholders they will find €4.5bn in cost savings and make a fundamental change to the bank's bonus culture.

Deutsche Bank's top brass will see part of their pay deferred for longer, and will now have to wait five years before being paid out, the lender said on Tuesday.

Overall the amount paid to bankers will also be reduced, the bank said earlier this week, adding that bonus policies were still in the process of being finalized.

* Follow Fin24 on TwitterFacebookGoogle+ and Pinterest.

 


deutsche bank

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...