Deutsche Bank wants to claw back bonus millions back from Its former CEOs!

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On the 17th of November, a German newspaper said that a Deutsche Bank intends to claw back millions in bonuses from six former top executives.  This is because the bank needs to cut costs and increase its capital cushion. The Sueddeutsche Zeitung reported that the move would focus firstly on Anshu Jain, Juergen Fitschen and Josef Ackermann.  Following these are the three one-time board members.  According to the daily, the Deutsche bank plans to cancel all the previously awarded bonuses of these men.

The biggest sum that could be clawed back is from Jain, who was co-CEO with Fitschen for three years between 2012 and 2015.  The sum is around 10 million dollars.  Jain resigned last year due to some upsetting series of scandals and missing profit targets.

Deutsche seem to be undergoing a major transformation under the boss John Cryan.  He plans to decrease costs by cutting 9,000 jobs along with other units in order to increase profit while keeping low interest rates and slow global growth.  The bank had to set aside billions in provisions for some legal problems.

Although the bank is still negotiating to bring the amount down, a staggering 13-billion-euro fine was given in the subprime mortgage crises.  There are fears that there might be the need to raise fresh capital.

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