DB asks to give up one month salary in ‘solidarity’ show


Deutsche Bank has asked hundreds of its top managers to voluntarily waive one month’s salary. This reports business newspaper Financial Times on the basis of insiders. The financial group called for “solidarity” to be shown as the corona virus hits the German economy hard.

CEO Christian Sewing and other board members of the German investment bank previously announced that they would give up their fixed salary for one month. On Thursday, the company would have asked other senior executives via a conference call to follow suit.

Deutsche Bank tripled its slot in the first quarter as the crisis has increased the risk of customer default. Analysts take into account that Deutsche Bank will close this year with a loss. Before the corona crisis, bank performance was also weak. Last year, Deutsche Bank announced it would cut some 18,000 jobs by 2022.

About the author

Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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