Deutsche Bank close to clawing back past CEOs’ bonuses

AFP, FRANKFURT: Germany's biggest lender Deutsche Bank expects to recover "significant" sums from former executives over past failures, its supervisory board chief said yesterday.
"I can report today that the supervisory board is in advanced talks with the affected (former) board members," chairman Paul Achleitner said.
"Our expectation is that there will be a settlement securing a significant financial contribution."
Deutsche has since 2015 held back millions in bonuses due to some 11 former board members, including former co-chief executives Juergen Fitschen and Anshu Jain and their predecessor Josef Ackermann.
The once-hidebound institution's aggressive bid to launch itself onto the global stage in competition with US investment banking giants is blamed for its present weakness, leaving it entangled in thousands of legal cases and struggling for profitability.
Shares in the bank were trading at 16.62 euros ($18.50) just before 1100 GMT Thursday -- a far cry from the peak of 91.17 euros attained in 2007.
Present CEO John Cryan launched a massive restructuring at the troubled bank after taking office in 2015, planning to slash thousands of jobs and re-focus on home market Germany.

Deutsche Bank close to clawing back past CEOs bonuses

AFP, FRANKFURT: Germanys biggest lender Deutsche Bank expects to recover significant sums from former executives over past failures, its supervisory board chief said yesterday. I can report today that the supervisory board is in advanced talks with the affected (former) board members, chairman Paul Achleitner said. Our expectation is that there will be a settlement securing a significant financial contribution. Deutsche has since 2015 held back millions in bonuses due to some 11 former board members, including former co-chief executives Juergen Fitschen and Anshu Jain and their predecessor Josef Ackermann. The once-hidebound institutions aggressive bid to launch itself onto the global stage in competition with US investment banking giants is blamed for its present weakness, leaving it entangled in thousands of legal cases and struggling for profitability. Shares in the bank were trading at 16.62 euros ($18.50) just before 1100 GMT Thursday -- a far cry from the peak of 91.17 euros attained in 2007. Present CEO John Cryan launched a massive restructuring at the troubled bank after taking office in 2015, planning to slash thousands of jobs and re-focus on home market Germany.