Former Deutsche Bank top execs surrender bonuses worth €38.4m after financial crisis failings

 
Oliver Gill
Follow Oliver
GERMANY-FINANCE-BANKING-AGM-DEUTSCHE-BANK
Supervisory board chair Paul Achleitner said he hoped this would allow the German giant to look to the future (Source: Getty)

Top Deutsche Bank executives today agreed to waive bonuses worth €38.4m (£34.3m) to make amends for historical misconduct by the German lender.

The bank's supervisory board settled the action with 10 former and one current employees.

It is the first time execs at a major European bank have agreed to surrender bonuses for corporate failings.

Deutsche highlighted the 11 execs are of the opinion that they always administered their office with due care and said they cannot be accused of any breach of duty.

Read more: Deutsche Bank boss admits improvements needed after second quarter results

The bank said in a statement it had been "confronted with a number of supervisory investigations and regulatory penalties, whose causes originated from the period before the 2007 financial crisis in some cases".

It added:

Pursuant to aspects of German corporate law, the supervisory board is obliged to examine whether the bank can hold management board members personally liable who were in office during that time.

However, the execs will still receive €31.4m of €69.8m withheld by the lender's board in lieu of a decision.

“The supervisory board appreciates the fact that with the additional waiver of bonuses, the management board members in office at that time are making a further personal contribution to closing this chapter,” said chairman of the supervisory board Paul Achleitner.

“This helps us to look forward toward the future again."

Read more: Deutsche Bank to move UK jobs to – surprise, surprise – Frankfurt on Brexit

Related articles