A Big Pay Cut
October 17, 2008
"I told the Deutsche Bank supervisory board that I am renouncing my bonus in this difficult year in favor of hard-working staff that need the money more than I do," Josef Ackermann told Bild am Sonntag.
Last year, the bank's four directors received a bonus totaling 33.2 million euros ($43.3 million), 14 million euros of which went into Ackermann's pocket. Merely 4.3 million euros of the bonus paid to the directors was independent of the bank's success.
In giving his bonus to Deutsche Bank employees, Ackermann will reportedly be forfeiting roughly half of his overall income.
Ackermann intends his gesture to forego his annual bonus as a "personal sign of solidarity," towards his employees, many of whom have suffered considerable pay cuts since the financial crisis hit.