Deutsche withholds senior manager bonuses

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The decision was taken in response to the bank’s legal bills.

Deutsche Bank is withholding this year’s installment on deferred bonuses awarded to seven top managers for 2011 amid mounting regulatory fines, said a person with direct knowledge of the matter.

Bloomberg News reports that four of the executives are still working for the bank, including co-Chief Executive Officers Anshu Jain and Juergen Fitschen. Former CEO Josef Ackermann is among three others who left in May 2012.

The company’s supervisory board took the decision in response to the bank’s legal bills, said the person, who asked to remain anonymous because the matter isn’t public. German newspaper Handelsblatt reported the bonus suspension Tuesday, saying the decision was taken at a meeting in July.

In addition to Jain and Fitschen, consumer banking head Rainer Neske and Chief Financial Officer Stefan Krause remain with the company. The chief risk officer at the time, Hugo Baenziger, and the chief operating officer, Hermann-Josef Lamberti, left at the same time as Ackermann.

Hit the link below to access the complete Bloomberg News article:

Deutsche Bank Said to Suspend 2011 Bonuses for Managers

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