Thursday, November 17, 2016

Crisis at Deutsche Bank: Ex-Directors to pay back millions-bonuses – FOCUS Online

Friday, 18.11.2016, 01:00
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million bonuses for managers are not always a controversy – especially when the business is running. A number of Ex-members of the management Board of Deutsche Bank are a part of the course covers said dispense. It is armed is in the house.

The beleaguered German Bank wants to allow former members of the management Board will not escape unscathed. Bonuses in the millions are on ice, such as the “Süddeutsche Zeitung” (Thursday) reported. A spokesman for the German Bank did not want to comment on this on request. In the annual report for the year 2015, the Dax had pointed out-group, however, the fact that it is still not out of variable remuneration components paid for a number of then-current and former Top-Manager will be retained.

eleven in the meantime, former Board members, including the former chief Executive, Josef Ackermann, Jürgen Fitschen and Anshu Jain are Affected accordingly. According to the newspaper, it goes in the case of Jain to 5.3 million euros. Jain for many years headed the investment banking division of the group and of June 2012 to mid-2015, together with Fitschen to the top management of the group. In the case of Ackermann, a 3.5 million Euro, according to the report in question. The same amounts had called, the “Frankfurter Allgemeine Zeitung” a month ago.

Already more than twelve billion euros for the Right-armed

Ackermann said on Thursday that he does not want to dispense with consideration to other previous Manager of the Institute on the withheld bonuses. “I can’t,” said Ackermann in Berlin at the “economic summit of the süddeutsche Zeitung”. He pointed out that he did not in 2008 bonus payments of five million euros. So he had exerted indirect pressure on all of his colleagues. He could today, “where am I outside”, don’t say anything, what are other mandatory morally, Ackermann said. The issue should be resolved between the Supervisory Board and the Executive Board behind closed doors.

Deutsche Bank is in a deep crisis. Especially expensive Legacy from the capital market business of the group to create. In the past years, the Bank had to pay more than twelve billion Euro for the settlement of legal disputes. The year 2015 brought the Bank to a record loss of 6.8 billion euros in the red for the current year, the Board of management of the castle.

14 billion Dollar penalty

Ackermann defended the decision, under his leadership, the controversial Investment-banking business expanded: “It was absolutely right to go into investment banking.” In a few years, the division, later the Co-chief Anshu Jain had moved from almost Zero to a world leading position. “Germany must ask itself whether it wants a large savings Bank or a global Bank,” said Ackermann. Deutsche Bank survived the financial crisis from 2007 onwards with no losses and did not need to bailed out by the government. Anyone claiming to have done everything right, tell the truth.

Currently, the Deutsche Bank wrestles with in the U.S. Department of justice, a comparison for the controversial mortgage transactions from the time of the recent financial crisis. The largest German money house, there is a penalty of US $ 14 billion threatens. However, the investigators go into such a procedure, usually with relatively high claims. Deutsche Bank had expressed confident that the sum is still considerably press. The money house has been reserved for open penalties, in the meantime, a total of 5.9 billion Euro.

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