Deutsche Bank AG has delayed raises to fixed pay compensation at the German bank by three months until after April 1, citing the need to further improve cost management, according to a memo seen by Reuters on Tuesday.
"After thorough discussions, we on the Management Board have taken the decision that, from 2020, any fixed pay adjustments in connection with the annual review or promotion process will be effective April 1 ," Christian Sewing, the bank's chief executive, wrote in the memo.The memo added that the bank will continue to review fixed pay at regular intervals and make adjustments as necessary.
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