Deutsche Bank asks more senior managers to waive one month of fixed pay

(Reuters) - Deutsche Bank AG said on Friday it has asked more of its senior managers to waive one month of fixed pay in an effort to cut costs as Germany's largest lender deals with the fallout of the coronavirus crisis. 'As our restructuring plans progress, the management board and the group management committee have decided to lead by example and give a broader group of senior managers the opportunity to be part of this initiative', Jörg Eigendorf, a spokesman for the bank, said in an emailed statement.

Reuters May 23, 2020 03:06:23 IST
Deutsche Bank asks more senior managers to waive one month of fixed pay

Deutsche Bank asks more senior managers to waive one month of fixed pay

(Reuters) - Deutsche Bank AG said on Friday it has asked more of its senior managers to waive one month of fixed pay in an effort to cut costs as Germany's largest lender deals with the fallout of the coronavirus crisis.

"As our restructuring plans progress, the management board and the group management committee have decided to lead by example and give a broader group of senior managers the opportunity to be part of this initiative", Jörg Eigendorf, a spokesman for the bank, said in an emailed statement.

The statement added that it was a voluntary measure. It did not specify how many more were going to undertake the pay cuts.

Last week, it was revealed that the bank's top managers will waive one month of fixed pay after the publication of a speech text by Chief Executive Christian Sewing.

The Financial Times newspaper reported that in a Thursday conference call hundreds of the German lender's designated 'leaders', including many of those one level below the senior management committee, were urged to take the voluntary pay cut.

The nine members of the bank's management board and those on the group management committee have agreed to forgo one month of their fixed pay, according to the newspaper.

The bank, which is undergoing an overhaul after five years of losses, is considering other potential cost savings drawn from its experience from the COVID-19 crisis. The overhaul announced last year, includes shedding 18,000 jobs.

(Reporting by Radhika Anilkumar and Kanishka Singh in Bengaluru; Editing by Franklin Paul)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.