Commerzbank execs next to get bonus curb

<strong>COMMERZBANK</strong> intends to adopt a new bonus structure for its executives that will further limit management remuneration at Germany&rsquo;s second-largest bank.<br /><br />The bank has already announced a new bonus model for its employees that included pooling bonuses and not paying these out if the bank does not meet certain growth criteria. <br /><br />In an interview with a local newspaper, Commerzbank supervisory board head Klaus-Peter Mueller will today say that a similar system will be introduced for the bank&rsquo;s executives.<br /><br />Executive pay at Commerzbank is already limited to &euro;500,000 (&pound;446,000) as part of restrictions placed on the bank by the bank rescue fund SoFFin in exchange for an &euro;18bn bailout, and the bank is waging a legal campaign on several fronts against former employees over pay. <br /><br />Mueller, who is also the head of a Government commission on corporate governance, told the newspaper that Europeans need to have the courage &ldquo;to free themselves from Anglo-Saxon developments&rdquo; (in the banking world), when they believe they are wrong.<br /><br />&ldquo;Why can&rsquo;t (large banks) come to an agreement to no longer pay out excessive salaries?&rdquo; he said.<br />