Deutsche Bank to pay 2 bln euros in bonuses: report

BY  | FROM  | 2018-03-12 16:30

Germany's biggest lender Deutsche Bank plans to pay out 2 billion euros (2.46 billion U.S. dollars) in bonuses to its employees despite reporting a third consecutive year of losses, German Press Agency (DPA) reported on Sunday.

"The amount for the variable remuneration will lie for the whole bank somewhere over 2 billion euros," chief human resources officer Karl von Rohr told DPA in Frankfurt on Sunday.

A one-off cost of some 1.4 billion euros as a result of changes to U.S. tax regulations dragged Deutsche Bank into the red last year, resulting in a loss of 497 million euros for 2017.

"We assured our employees that we wanted to return to our regular remuneration system," von Rohr said.

"It is a negative one-off accounting effect as a result of which we will achieve higher profits," von Rohr said.

Details of this year's bonus program are to be announced in the company's annual report published on March 16, according to DPA.

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