Deutsche Bank will ask shareholders to ease European Union curbs on bonuses, doubling the amount it can pay staff to the equivalent of twice annual salaries.
Bloomberg News reports that the request, to be made at the company’s annual shareholder meeting in Frankfurt next month, would allow the bank to keep fixed pay lower, Deutsche Bank said in an e-mailed statement. The plan won’t increase overall pay, it said.
EU rules prevent banks from awarding staff bonuses that exceed their annual fixed pay unless shareholders approve larger increases to a maximum two times salary.
In the meantime, Reuters reports that Deutsche Bank is considering raising the fixed pay of its management board members by more than a third in response to new EU regulations, a German paper reported on Thursday.
The fixed pay of each board member could rise by several hundred thousand euros, Die Welt reported, citing sources close to the company.