Deutsche Bank's bosses get bonuses for first time in 4 years

24 Mars, 2019, 14:27 | Auteur: Auguste Feret
  • Deutsche Bank's bosses get bonuses for first time in 4 years

Deutsche Bank has published its annual report for the year ended December 31, 2018, where the troubled German firm has pledged to reverse declining revenue as the bank yet again reported disappointing results.

'We can look back on 2018 as a year that was anything but easy for Deutsche Bank, ' Deutsche Bank Chairman Paul Achleitner said. For 2017, the workforce, which was at the time, but still a lot bigger to get to 2.3 billion euros. "This is the reason why we are in conversations with Deutsche Bank", he said.

Litigation costs are also expected to be "significantly higher" in 2019 than in 2018, the bank also said in the report.

Deutsche's overall bonus pool for 2018 was €1.9 billion, down 14 per cent from €2.3bn a year earlier.

An ongoing merger talk between Germany's two largest banks, Deutsche Bank and Commerzbank, had pushed 10,000 United States workers on edge, as a merger deal would more likely press Deutsche bank to dispose a large section of its workforce and even to let go of its USA business.

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Bonuses are a sensitive issue in Germany, where many politicians and public opinion are critical of high pay and Anglo-Saxon style capitalism.

Under-pressure Deutsche Bank has doubled the pay of its chief executive and investment banking boss despite the threat of sweeping job losses ahead. Wells Fargo & Company MN raised its position in Deutsche Bank by 104.0% in the 3rd quarter.

Deutsche Bank has paid large fines for past misdeeds, including a $7.2 billion USA penalty in 2017, spooking clients.

A year ago it was ensnared in a money laundering scandal involving Danske Bank and its offices were raided over two days in November in relation to a separate inquiry.

Last year's management reshuffle, which involved Cryan and three other board members, was costly for Deutsche Bank, which paid a combined 25.8 million euros in severance and restraint on competition fees for the four executives, figures in the annual report and provided by the bank revealed. Finally, equinet set a €8.50 ($9.88) target price on Deutsche Bank and gave the company a neutral rating in a research report on Thursday, November 22nd. Lindbrook Capital LLC bought a new position in shares of Deutsche Bank during the fourth quarter worth about $41,000.

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