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Frankfurt am Main / AFP
Deutsche Bank intends to claw back millions in bonuses from six former top executives, a German newspaper said on Thursday, as the embattled lender seeks to cut costs and boost its capital cushion.
The move would target former CEOs Anshu Jain, Juergen Fitschen and Josef Ackermann as well as three one-time board members, the Sueddeutsche Zeitung reported.
While the men had been awarded the bonuses in the past they had yet to be paid out and Deutsche now plans to cancel them altogether, according to the daily.
Jain stood to lose the most, with the newspaper citing a figure in the “double-digit million” range.
A Deutsche spokesman declined to comment on the report.
The report comes as Deutsche is undergoing a major revamp under boss John Cryan, who plans to cut units and slash 9,000 jobs in a bid to improve the bank’s profitability at a time of low interest rates and sluggish global growth.
Germany’s largest lender is also burdened by a web of legal problems for which it has had to set aside billions in provisions.
The bank’s woes intensified in September when US authorities demanded an eye-watering $14-billion (13-billion euros) fine over its role in the subprime mortgage crisis, raising fears Deutsche might be forced to raise fresh capital.
The bank is still in negotiations to bring down the amount.
Jain and co-chief executive Fitschen resigned in disgrace last year following a series of scandals and missed profit targets.
Jain previously also headed Deutsche’s investment banking division, the source of many of the current legal complaints hanging over the bank.