Deutsche Bank AG, Germany's largest bank, reduced the pay of itsmanagement board by 19 percent after missing its profit goal lastyear.
The board's seven members received 26.4 million euros ($34.9million) in salary and bonuses for last year, compared with 32.4million euros in 2010, when there were eight members, Deutsche Banksaid today in a statement on its website.
Financial firms worldwide are facing public and politicalpressure to limit bankers' compensation after taxpayers were forcedto bail out the industry during the financial crisis. DeutscheBank, which didn't require direct state aid, announced 500 job cutsat the investment bank in October to reduce costs as tougherregulation weighs on profitability. Morgan Stanley, Credit SuisseGroup AG and Citigroup Inc. have all reduced senior investmentbankers' pay for last year as revenue slows.
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