Deutsche Bank mulls ‘multi-year’ bonus system
Deutsche Bank is considering whether it should reform its financial rewards structure to emphasise performance over several years, in a recognition of the criticism made of banking’s bonus culture in the wake of the global credit crisis, according to a report in the Financial Times.
Josef Ackermann, chief executive, said a “multi-year” bonus scheme - where a bonus would depend on an employee’s performance in the previous 12 months - was under consideration and could be “a further important step” at Deutsche.
His comments came as at the bank’s annual meeting, where it was also revealed that Deutsche paid €97.1m ($150.7m) last year to six members of its global executive committee, compared with €99.7m in 2006. The committee members include Deutsche’s top investment bankers such as Anshu Jain, head of global markets, and Michael Cohrs, head of global banking.
Ackermann robustly defended Deutsche’s investment banking business and its business in the US, which two dissident shareholders had urged it to abandon.
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