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