1. Skip to content
  2. Skip to main menu
  3. Skip to more DW sites
It's pay cuts all around at Deutsche Bank
Ackermann will reportedly forfeit nearly half of his yearly earningsImage: picture-alliance / chromorange

A Big Pay Cut

DW staff (ls)
October 17, 2008

In light of the current financial crisis, Josef Ackermann, head of Germany’s biggest bank Deutsche Bank, said he would take a voluntary pay cut this year in an effort to show solidarity with his employees.


"I told the Deutsche Bank supervisory board that I am renouncing my bonus in this difficult year in favor of hard-working staff that need the money more than I do," Josef Ackermann told Bild am Sonntag.

Last year, the bank's four directors received a bonus totaling 33.2 million euros ($43.3 million), 14 million euros of which went into Ackermann's pocket. Merely 4.3 million euros of the bonus paid to the directors was independent of the bank's success.

Deutsche Bank CEO Josef Ackermann
Ackermann's gesture will be a costly oneImage: AP

In giving his bonus to Deutsche Bank employees, Ackermann will reportedly be forfeiting roughly half of his overall income.

Ackermann intends his gesture to forego his annual bonus as a "personal sign of solidarity," towards his employees, many of whom have suffered considerable pay cuts since the financial crisis hit.

Skip next section Explore more
Skip next section Related topics

Related topics

Skip next section DW's Top Story

DW's Top Story

US President Joe Biden speaks about American manufacturing at a facility in Pennsylvania

EU should go to WTO over US subsidies, says lawmaker

Skip next section More stories from DW
Go to homepage