Deutsche Bank has announced layoffs and bonus cuts to senior staffs, designed to save €4.5bn (£3.6bn) a year as part of its strategy to revamp businesses and to make the bank more competent.
The German bank will also extend payment of deferred bonuses to 150 of its top bosses to five years, and set up an independent external panel to review compensation.
The ambitious plans were announced by the co-chairmen of the bank, Jürgen Fitschen and Anshu Jain that included a fundamental change in the bank’s work culture.
They admitted that the bank has made grave mistakes and there is a need to be up with the changing times…
http://www.ibtimes.co.uk/articles/383380/20120912/deustche-bank-overhaul-strategy-cost-cuts.htm
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