Deutsche Bank to Increase Job Cuts, Lower Pay to Reach Goals
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Deutsche Bank AG, Europe’s biggest bank by assets, will cut jobs and review its pay practices to help boost profitability as capital requirements rise and Europe’s debt crisis drags on.
“Compensation practices are one important way to achieve behavioral change and align incentives to longer-term sustainable performance on behalf of all stakeholders,” the Frankfurt-based bank said in a statement. Co-Chief Executive Officers Anshu Jain and Juergen Fitschen laid out their strategy today after taking over from Josef Ackermann at the end of May.