FAST FIVE: "The Latest Stage In Our Descent To The Bottom": Deutsche Bank Asks Top Managers To Skip Month's Salary In Act Of "Solidarity"
For some (still employed) Deutsche Bank traders the news is even worse: they may have to go without a monthly paycheck too.
Which is not to say there will be no volunteers at all: the nine members of Deutsche's management board, as well as those on the group management committee, have already agreed to forgo one month of their fixed pay.
Chief executive Christian Sewing told investors at the bank's annual shareholder meeting on Wednesday that the decision was part of an acceleration of its cost-cutting programme.
What he really meant is that the voluntary wage cuts will soon be involuntary… and far more widespread as the German lender proceeds with another round of mass layoffs in the coming months.
One of the managing directors asked to take a pay cut summarized it best: “Staff are unhappy at this latest stage in our steady descent to the bottom,” while a second person familiar with the internal discussions said that such a voluntary move would be “akin to a gift to the bank.”.