Frankfurt German Bank CEO Christian Sewing makes his announcement true and will invest a large part of his monthly income in shares of the Dax Group over the next few years. From September to the end of December 2022, almost 15 per cent of Sewing's net remuneration for the executive board will be invested on a regular basis in papers issued by Deutsche Bank.
The purchases are made on the 22nd of each month or on the following trading day, as evidenced by a compulsory stock exchange announcement published on Monday. Over the term of 40 months, a total stake of about 850,000 euros.
Sewing wants to signal that he is fully behind the radical reconstruction of the largest German money house. Shortly after presenting the plans in early July, Sewing said he wanted to "set a good example": "I have decided to invest a significant portion of my fixed salary over the next few years."
Sewing wants to end the persistent crisis of Deutsche Bank with a fundamental reorientation. The number of full-time jobs should be reduced by around 18,000 by the end of 2022 to 74,000 worldwide. Investment banking, which bankrupted billion-dollar penalties, is being severely curtailed. The bank wants to raise the costs for the reorganization in the amount of approximately 7.4 billion euros on its own.
More: The merger of Deutscher Bank and Commerzbank has burst. What he failed and why now especially the Deutsche Bank boss is in Zugzwang.
(t) Transition (t) Rationalization and Restructuring (t) Mergers & Acquisitions M & A (t) Corporate Governance (t) Job losses (t) Commerzbank (t) Christian Sewing (t) banks & credit institutions