Deutsche Bank Unit Cuts Pay for Five Executives on Japan Penalty
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Deutsche Bank AG’s Japanese securities unit will cut pay for five senior executives and increase compliance staff after regulators penalized the firm for excessive spending on entertaining pension fund officials.
Japan’s Financial Services Agency ordered Deutsche Securities Inc. to improve operations for providing special benefits to the pension clients, the regulator said in a statement in Tokyo today. The brokerage’s Chief Executive Officer Makoto Kuwahara will receive a 20 percent pay cut for six months, the firm said in a statement.