Deutsche Bank managers waive $45 million in bonus payments
FRANKFURT (Reuters) - Eleven Deutsche Bank (DBKGn.DE) executives who served during the financial crisis and afterwards have agreed to waive 38.4 million euros ($44.9 million) in bonuses to make amends for past misdeeds by the bank, the German lender said on Thursday.
The agreement, reached between the bank's supervisory board and 10 former and one current management board member, is one of the first of its kind at a major European bank in which bosses have collectively agreed to forgo outstanding bonus payments.
Their decision aims to help Deutsche Bank put behind it financial scandals that have cost billions of euros in fines and settlements.
Deutsche Bank said a number of investigations and regulatory penalties had prompted the board to suspend the bonuses of the 11 individuals.
The board had held on to 69.8 million euros in bonuses while it looked at whether the individuals were personally liable.
Under Thursday's agreement, the bank paid out 31.4 million euros and the individuals agreed to waive the rest.
"The supervisory board, on the basis of extensive investigations by several leading law firms and forensic advisors ... has decided not to hold the management board members personally liable," Deutsche Bank said in a statement.
Deutsche Bank said the executives "always administered their office with due care and that they cannot be accused of any breach of duty." The executives agreed voluntarily to waive the payments "as an act of solidarity with Deutsche Bank", the bank said.
Chairman Paul Achleitner said that with the additional waiver of bonuses, the management board members in office at that time were making a further personal contribution to closing the chapter. "This helps us to look forward toward the future again."
Deutsche Bank did not identify the executives.
Sources have said they include former chief executives Anshu Jain, Juergen Fitschen and Josef Ackermann. Others included Stephan Leithner, Rainer Neske, Henry Ritchotte, Stefan Krause, Hugo Baenziger and current board member Stuart Lewis, the sources have said.
The individuals declined to comment or did not respond when contacted by Reuters.
(Reporting Arno Schuetze and Tom Sims; Editing by Victoria Bryan and Jane Merriman)
