Deutsche Bank said to freeze 2015 exec cash bonuses

Deutsche Bank - External

Deutsche Bank is freezing 2015 cash bonuses for current and former management board members while German regulator BaFin reviews the bank's role in an interest rate manipulation scandal, two people familiar with the matter said.

Reuters reports that Deutsche Bank has been hit with over $9.8bn in fines and settlements in the past three years, including a record $2.5bn settlement with U.S. authorities for its involvement in manipulating the Libor benchmark interest rate.

The bonus freeze affects all members of the management board except new Chief Executive John Cryan, new Chief Financial Officer Marcus Schenck and new retail bank head Christian Sewing, one of the people said, adding that the move would also hit former top managers entitled to 2015 cash bonuses.

To access the complete Reuters article hit the link below:

Deutsche Bank to freeze executive bonuses - sources

Britain cuts Lloyds banking group stake below 14 percent

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts