Deutsche Bank delays raises to fixed pay after changing annual date for pay adjustments

(Reuters) - Deutsche Bank AG has delayed raises to fixed pay compensation at the German bank by three months until after April 1, citing the need to further improve cost management, according to a memo seen by Reuters on Tuesday. 'After thorough discussions, we on the Management Board have taken the decision that, from 2020, any fixed pay adjustments in connection with the annual review or promotion process will be effective April 1 (not retroactively effective as of January 1),' Christian Sewing, the bank's chief executive, wrote in the memo. The memo added that the bank will continue to review fixed pay at regular intervals and make adjustments as necessary.

Reuters January 29, 2020 03:07:49 IST
Deutsche Bank delays raises to fixed pay after changing annual date for pay adjustments

Deutsche Bank delays raises to fixed pay after changing annual date for pay adjustments

(Reuters) - Deutsche Bank AG has delayed raises to fixed pay compensation at the German bank by three months until after April 1, citing the need to further improve cost management, according to a memo seen by Reuters on Tuesday.

"After thorough discussions, we on the Management Board have taken the decision that, from 2020, any fixed pay adjustments in connection with the annual review or promotion process will be effective April 1 (not retroactively effective as of January 1)," Christian Sewing, the bank's chief executive, wrote in the memo.

The memo added that the bank will continue to review fixed pay at regular intervals and make adjustments as necessary. It implied the annual effective date for pay adjustments will be pushed back permanently to April 1.

"As in previous years, variable and fixed pay compensation will be communicated in early March. Additionally, promotions will be brought in line and also become effective April 1 and will also be communicated in early March", Sewing wrote.

The bank has been reeling from a series of scandals and years of losses more than a decade after the onset of the global financial crisis.

It is also in the midst of a major overhaul. After failing to merge with rival Commerzbank last year, it announced plans to close some businesses, revamp its management board, and cut its workforce by 18,000 employees.

(Reporting by Tom Sims in Frankfurt and Kanishka Singh in Bengaluru; Editing by Matthew Lewis)

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

Updated Date:

TAGS:

also read

Global equities break record as U.S. stocks waver after manufacturing data
Business

Global equities break record as U.S. stocks waver after manufacturing data

By Katanga Johnson WASHINGTON (Reuters) - Global equities set both an intraday high and record close on Tuesday as markets as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation while Wall Street's main indexes wavered before ending little changed. Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn Energy shares were among the best performing during the session as the OPEC+ alliance agreed to hike output in July and gave a bullish forecast.

Zoom beats quarterly revenue estimates on steady demand
Business

Zoom beats quarterly revenue estimates on steady demand

(Reuters) - Zoom Video Communications Inc reported better-than-expected quarterly revenue on Tuesday, benefiting from steady demand for its video-conferencing platform as people wary of the pandemic continued school and work from home. Zoom became a household name during the pandemic as businesses and schools switched to its video conferencing platform for virtual classes, office meetings and social catch-ups.

Cyprus sees nationalists gain in parliament vote
World

Cyprus sees nationalists gain in parliament vote

By Michele Kambas NICOSIA (Reuters) -Cyprus's ruling conservatives emerged as winners but failed to get an absolute majority in a parliamentary election on Sunday, with voters turning to smaller parties, including a right-wing party with links to Greece's now outlawed Golden Dawn.