Deutsche Bank will pay € 2 billion of premiums for 2017


FRANKFURT (Reuters) – Deutsche Bank (DE:DBKGn) announced on Sunday that its envelope to the premiums exceed 2 billion euros in the year 2017.

The German bank, is being strongly criticised for having considered to pay significant bonuses despite a third annual loss in a row, intends to retain its staff. Its leaders will, however, waive their annual bonus.

“The variable component of remuneration for the whole of the bank will be slightly higher than 2 billion euros,” said Karl von Rohr, one of the 12 members of the executive board, the news agency DPA.

The information was confirmed by a spokesperson.

This envelope exceeds the 546 million euros paid for 2016. In 2015, premiums reached a total of 2.4 billion euros. The bank had sharply reduced his bonus for 2016, following rumors that she would need to be bailed out by the German State.

The German press reported in January that Deutsche Bank was planning to pay more than a billion euros in premiums for 2017 in spite of the persistent difficulties of the institution, which has provoked strong reactions in Germany, where the bank is considering eliminating about 4,000 jobs as part of its policy of reducing its workforce.

To justify the payment of huge bonuses, the chairman of the management board of the bank, John Cryan, said last month that the institution was considering a “one-off investment” to keep its staff and added that the bonus for 2018 would be closely related to the performance.

The bank will specify the remuneration of directors during the publication of his annual report on Friday.

(Douglas Busvine and Tom Sims; Bertrand Boucey and Jean-Stéphane Brosse for the French service)

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