Deutsche Bank Bosses In Line For €13m Bonus Despite Fifth Annual Loss
- 31.01.2020 10:02 am
Deutsche Bank bosses will still be taking home a bonus this year despite the bank slumping to a bigger than expected €5.7bn (£4.8bn) annual loss.
The bank's management board are due to share a €13m "group level" bonus this year even though they surrendered roughly half their variable pay by not accepting individual rewards based on personal targets, sources said.
The decision, first reported by Handelsblatt, came as the lender unveiled a steeper than expected €1.5bn loss in the three months to the end of December and its second worst-ever full year results.
The loss was "entirely driven by transformation-related effects", the bank said.
However, Christian Sewing, Deutsche's embattled chief executive, said: "Our new strategy is gaining traction... we’re very confident we can finance our transformation with our own resources and return to growth."