Deutsche Bank to freeze executive bonuses: source

JUL 31, 201511:53 PM

[FRANKFURT] Deutsche Bank is freezing 2015 cash bonuses for its executive board as it examines whether some managers could have done a better job at avoiding problems that have led to expensive litigation, a person familiar with the matter said.

The bonus freeze hits all members of the management board except Deutsche Bank's new Chief Executive John Cryan, new Chief Financial Officer Marcus Schenck and new retail bank head Christian Sewing, the person said.

"Deutsche Bank wants to investigate the incidents in detail and will in the meantime put cash bonuses on ice," the person said, adding that the move would also hit former top managers, who would be entitled to 2015 cash bonuses.

Deutsche Bank had no immediate comment.

REUTERS