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April 10, 2014

Deutsche Bank seeks shareholder approval for bonus increase

“Deutsche Bank will ask shareholders to approve raising limits on executive bonuses for 2014 as required by new European rules, according to an agenda for the bank’s annual shareholder meeting to be held on May 22.

“European Union rules say that bankers’ bonuses cannot exceed the annual fixed salary, or twice that if shareholders approve, to curb the sort of excessive risk-taking blamed for the 2008-09 financial crisis.

“Deutsche Bank said it did not aim to increase total compensation with the request.

“By recommending to shareholders that they approve a one-to-two ratio of fixed-to-variable compensation, we are not increasing what we pay our staff,” the bank said in an emailed statement.

“Rather, this measure would give us more flexibility by keeping our fixed expenses at a lower level while complying with new European regulations,” the bank said.

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Read full Reuters article here.

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