Deutsche Bank Reticent About Revamped Executive Bonus Scheme

Josh O'Neill

3 February 2017

declined to comment on media reports that it is planning an overhaul of its staff bonus system, just weeks after the bank decided to slash bonuses in a bid to soften the blow dealt by recent litigation bills.

Germany's largest lender is working on a revamped, more transparent and less complicated bonus system for its top executives, according to media reports citing anonymous sources.

Last month, the Frankfurt-headquartered firm's management board decided to waive its own bonuses for 2016 as it tries to turn a profit and begin recovering from a $7.2 billion settlement with the US Department of Justice over its sale of toxic mortgage-backed securities in the run-up to the 2008 financial crisis. Earlier this week, Deutsche Bank also agreed to pay $630 million in penalties for facilitating $10 billion in sham Russian trades.