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The Eagle

Deutsche Bank wants to claw back bonuses from ex-CEO’s

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Germany's biggest lender Deutsche Bank is reportedly considering cancelling millions of euro in bonuses for former board members and demanding the repayment of current bonuses.

People familiar with the matter told Reuters a law firm had been looking through the contracts of former managers to discover whether the bank could refuse payment of frozen bonuses and get back the money it has already paid.

On Thursday, the Suddeutsche Zeitung daily reported that former CEOs Anshu Jain, Josef Ackermann and Jurgen Fitschen, along with three former board members would not get bonuses, which had been awarded but not paid out. The bank reportedly planned to first postpone the bonuses and then cancel them altogether.

According to the newspaper, the largest sum would have been paid to Ackermann. The former head of investment banking operations was promised an eight-digit figure.

Jain who was co-CEO of Deutsche from 2012 until 2015 may lose over €10 million in bonuses he was expecting to receive. He and co-chief executive Fitschen resigned in disgrace last year following a series of scandals and missed profit targets.

https://www.rt.com/business/367276-deutsche-bank-bonuses-executives/

It's about time that the head honchos responsible for the financial crisis pay for their evil deeds, at least financially (IMHO they should be in jail).

Will UK banks follow the example of Deutsche Bank?

 

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Shareholders, in reality exercise very little power over this, well, what I would call an obscenely large payment.:mellow:

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I think DB has paid out something inthe order of $30bln in bonuses sicne 2008ish.

Mainly to UK + US traders/investment bank types.

Fckin joke.

Clawback needs to extend for 10 years and take evertyhing - bonus + salary.

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I do find it amazing how around 2007-8 there was a reasonable understanding that the banks had screwed up, including in the way they did bonuses, and that they only were being bailed out because otherwise the world would end (or something).  There was substantial talk at the time about the evils of the bonus culture.

Anyway, here we are, 10 years later, and nothing has changed.  Our bailing out of the banks has directly led to even more money being driven into bankers' pockets.

It is, of course, naive to think it would be any different. 

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1 hour ago, spyguy said:

I think DB has paid out something inthe order of $30bln in bonuses sicne 2008ish.

Mainly to UK + US traders/investment bank types.

Fckin joke.

Clawback needs to extend for 10 years and take evertyhing - bonus + salary.

HMRC can go back 20 years for fraud, so I'd suggest 20 years.

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