Deutsche Bank boss John Cryan confirms board won’t get bonus for 2015 after lender posts first annual loss since 2008
Deutsche Bank boss John Cryan has confirmed that the lender's management board won't get bonus for 2015, after the company posted its first annual loss since 2008.
This will be the first time the board has not received a boost to their pay packets in that time, Cryan said.
The new boss of the lender, which revealed a higher-than-expected loss of €6.8bn this morning, told a press conference that the board had to "own" the poor performance and give up its claim to any remuneration.
"In the context of the overall performance of the bank last year, which the board has to own… that is a decision which I respect," Cryan said.
Although some individual bank divisions, including asset management had put in a good performance, Cryan was unable to say when the bank would return to profit. No dividend will be paid for 2015 or 2016, he added.
Deutsche Bank's share price fell more than 2.8 per cent this morning.
The co-chief executive, who will take on sole reins for the bank in May, is also expected to cut staff bonuses by as much as 30 per cent as he attempts to steady the ship.
And around 1,000 London jobs are tipped to be cut this year, in a bid to reduce costs, as part of wider plans to shed up to 35,000 jobs by 2020.