Deutsche Bank is a big domino

Deutsche Bank (DBKGn.DE) staff on Wednesday are to receive letters with their bonuses for 2019, a pool that is down 20% from a year earlier, two people with knowledge of the matter said.

Employees had been expecting smaller bonuses after the bank plunged to a bigger-than-expected loss of 5.7 billion euros (5 billion pounds) last year, its fifth in a row, as the cost of its latest turnaround attempt hit earnings.

In January, the bank announced that management board members had decided to halve their own bonuses.

The 20% reduction from 1.9 billion euros for 2018 is partly due to a smaller number of employees after downsizing.
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Deutsche Bank’s (DBKGn.DE) chairman Paul Achleitner said he intends to step down as chairman of the German lender when his term ends in 2022.

His announcement, made to shareholders at the bank’s annual general meeting on Wednesday, was the first time that he has publicly said that he would not seek a third five-year term.

Achleitner has come under criticism from some Deutsche Bank shareholders for the bank’s losses, strategy and management upheaval.
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Separately, Deutsche’s chief executive Christian Sewing dismissed shareholder concerns the bank would need state aid to cope with the fallout from the coronavirus outbreak and said the bank needed to become more profitable before taking a leading role in European banking consolidation.
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The bank, which is undergoing a major overhaul after five years of losses, is cutting 18,000 jobs. Last year, it abandoned talks to merge with rival Commerzbank (CBKG.DE).

“We must be more profitable than today if we want to play a leading role in European consolidation,” Sewing said. “We are preparing for consolidation.”

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Is Deutsche Bank's exile to commercial bank purgatory finally over?

After a dismal stretch for the bank which started in 2014, cost two CEOs their jobs, brought the bank to the verge of nationalization in 2016, sparked an exodus of employees and saw the stock price crumble to levels that became watercooler jokes, the largest German Bank closed out a bumper year for trading with a result that put most of its Wall Street peers to shame while handing CEO Christian Sewing the first annual profit in six years ...

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