The shakeup follows a 100-day review by new co-CEOs Juergen Fitschen and Anshu Jain. The steps are aimed at getting the bank ready for a new, tougher environment: more regulation, a shaky global economy, and public hostility to excessive pay practices.
The bank says it will reduce bonus payments and pay deferred compensation to top management in a single payment after five years, rather than periodic payments over three years.
Deutsche Bank also plans to reduce costs by euro4.5 billion a year by 2015. It will also trim
euro45 billion in investments in it no longer considers essential by 2013.
[Associated
Press]
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