...won't get paid more than $12.85 this year.
Deutsche Bank's co-chief executives will have their total pay for 2013 capped at 9.85 million euros (8.4 million pounds) each, according to the agenda for the company's annual shareholders' meeting. Under the terms of Deutsche Bank's compensation system for this year, Anshu Jain's and Juergen Fitschen's bonuses will be capped at 7.55 million euros and their fixed salaries at 2.3 million.
[Reuters]
The good news: there will still be bonuses this year, which is something! The even better news, for those who'd describe themselves as fans of tantric bonuses: it'll be a while before you see it all.
The Germans thought about it and decided yes, layoffs sound like a great idea. Deutsche Bank said it will eliminate 1,900 jobs, including 1,500 at the investment bank, as part of an effort to save 3 billion euros ($3.68 billion). Deutsche Bank, based in Frankfurt, forecast “substantial costs” to achieve the savings without giving a figure in a statement to the stock exchange today. The job reductions are part of a strategy review Anshu Jain and Juergen Fitschen, Deutsche Bank’s new co-chief executive officers, are conducting as the lender grapples with declining revenue from the investment bank, which reported a 63 percent decline in second-quarter earnings today...“The time for vague promises of cultural change in our industry is long gone,” Jain said on a conference call with analysts and reporters. Deutsche Bank’s leaders are “totally determined to act quickly and decisively.” Deutsche Bank To Cut 1,900 Jobs In Bid To Save EU3 Billion [Bloomberg]
Anshu Jain has moved on and fast.