Deutsche Bank could seek repayment of manager bonuses: sources

November 17, 2016 7:25 AM EST

A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt, Germany September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo


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FRANKFURT (Reuters) - Deutsche Bank is still considering whether to demand that former top managers repay bonuses given the bank's poor performance, several people familiar with the matter told Reuters.

Two of them said a law firm had been looking through former managers' contracts to find out both whether the bank can refuse payment of frozen bonuses and whether it can claw back money that has already been paid.

Sueddeutsche Zeitung reported earlier that Deutsche Bank wanted to demand repayment of bonuses from six former executives, including ex-Chief Executives Anshu Jain and Josef Ackermann.

The biggest individual sum, in excess of 10 million euros, was to come from Jain, who was co-CEO of Deutsche from 2012 until 2015, Sueddeutsche said, citing financial sources.

Jain declined to comment on the report. Ackermann was not immediately available for comment.

Deutsche Bank also declined to comment but referred back to its 2015 financial report, which said that the supervisory board had decided to suspend bonus installments that were to be paid in 2015, affecting 11 current and former managers.

(Reporting by Kathrin Jones and Edward Taylor; Writing by Maria Sheahan; Editing by Keith Weir)



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