(Reuters) – Deutsche Bank AG (DBKGn.DE) has delayed raises to fixed pay compensation at the German bank by three months until after April 1, citing the need to further improve cost management, according to a memo seen by Reuters on Tuesday.

“After thorough discussions, we on the Management Board have taken the decision that, from 2020, any fixed pay adjustments in connection with the annual review or promotion process will be effective April 1 (not retroactively effective as of January 1),” Christian Sewing, the bank’s chief executive, wrote in the memo.

The memo added that the bank will continue to review fixed pay at regular intervals and make adjustments as necessary. It implied the annual effective date for pay adjustments will be pushed back permanently to April 1.

“As in previous years, variable and fixed pay compensation will be communicated in early March. Additionally, promotions will be brought in line and also become effective April 1 and will also be communicated in early March”, Sewing wrote.

The bank has been reeling from a series of scandals and years of losses more than a decade after the onset of the global financial crisis.

It is also in the midst of a major overhaul. After failing to merge with rival Commerzbank (CBKG.DE) last year, it announced plans to close some businesses, revamp its management board, and cut its workforce by 18,000 employees.

Reporting by Tom Sims in Frankfurt and Kanishka Singh in Bengaluru; Editing by Matthew Lewis

Source

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Boeing names CFO to manage new group overseeing key operations

WASHINGTON (Reuters) – Boeing (BA.N) said on Tuesday it was naming chief financial officer Greg Smith to oversee a newly formed group that will consolidate several important operational areas. Smith will oversee enterprise operations, finance and strategy and will oversee…

The Latest: Holocaust march in Poland cancelled over virus

ROME — The Latest on the coronavirus epidemic sweeping the globe (all times local): Organizers of the annual Holocaust remembrance march in southern Poland say it has been postponed this year because of fears about the new coronavirus sweeping the…

Finland’s Supercell reports sales up 2% while core earnings slip

Original source: Reuters HELSINKI (Reuters) – Finland’s biggest game maker Supercell reported on Tuesday its full-year 2019 sales rose 2% to 1.39 billion euros ($1.52 billion) although core earnings slipped 4%. China’s Tencent Holdings (0700.HK) increased its stake in a…

U.S. states build stockpiles of malaria drug touted by Trump

SALT LAKE CITY — State and local governments across the United States have obtained 30 million doses of a malaria drug touted by President Trump to treat patients with the new coronavirus, despite warnings from doctors that more research is…