FRANKFURT (Reuters) – Deutsche Bank’s (DBKGn.DE) management board has decided to halve 2019 bonuses for individual board members as the bank faces a large 2019 loss, the lender said on Wednesday.
Detlef Polaschek, deputy chair of the bank’s supervisory board, said in a statement that the board had made the decision to waive individual performance-related remuneration to contribute to the bank’s turnaround.
Variable compensation for the board will total around 13 million euros ($14.42 million) in 2019, down from around 26 million euros in 2018.
“Both shareholder and employee representatives welcome this decision, which deserves respect,” Polaschek said.
The decision, first reported by German newspaper Handelsblatt, comes ahead of Deutsche Bank’s earnings report on Thursday.
Analysts expect the bank to post a 5 billion euro loss for 2019, its fifth consecutive annual loss, as the bank undergoes a costly overhaul.
After calling off merger talks with rival Commerzbank (CBKG.DE) last year, Deutsche Bank has embarked on a 7.4 billion euro restructuring plan to cut 18,000 jobs, close some businesses and overhaul management.