FRANKFURT Feb 26 Bonus cuts at German flagship
lender Deutsche Bank, announced in January, have so
far not led to a mass exodus of employees, one of its board
members told a German weekly newspaper.
"Fluctuation is normal and within the usual boundaries and
was even lower in January compared to the previous year," Chief
Administrative Officer Karl von Rohr told Frankfurter Allgemeine
Sonntagszeitung (FAS) when asked if the bank had lost staff.
The cuts will see the bank's bonus pool shrink by about 80
percent and hit about a quarter of Deutsche's roughly 100,000
Carmaker Volkswagen on Friday announced major
changes to executive pay with a cap on earnings, looking to
quell widespread anger over bonuses paid even as the carmaker
suffered record losses after the emissions scandal.
Deutsche Bank, Germany's flagship lender, posted a net loss
of 1.9 billion euros ($2.01 billion) in the final quarter of
2016 as legal costs for past misdeeds weighed heavily on
While Deutsche Bank has drawn a line under some major legal
headaches, earmarking 4.7 billion of total litigation reserves
of 7.6 billion euros for settlements such as over the sale of
toxic mortgages and sham Russian trades, it is not yet out of
About 20 large cases account for 90 percent of the bank's
legal provisions, von Rohr said, adding half of those had either
been concluded already or were about to be completed. "The rest
will hopefully be largely dealt with by the end of the year."
($1 = 0.9471 euros)
(Reporting by Christoph Steitz; Editing by Elaine Hardcastle)