Deutsche Bank AG is expected to keep roughly EUR38 million ($45 million) in deferred and unvested compensation from 11 mostly former management board members, who have agreed to give up the pay in light of the lender's past legal problems, according to people familiar with the matter.
The agreement, which may be announced Thursday afternoon, pending supervisory-board approval, is considered a "voluntary contribution" by the 10 former and one current management-board member, the people said.
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The bank has held back approximately EUR70 million in deferred and unvested compensation from the group, which includes former co-Chief Executive Officers Anshu Jain and Jürgen Fitschen, the people said. The agreement means that roughly EUR31 million of that total will be released.
Mr. Jain declined to comment. Stuart Lewis, Deutsche Bank's chief risk officer and the only current management-board member subject to the agreement, declined to comment through a bank spokeswoman.
Mr. Fitschen, who remains at Deutsche Bank but is no longer on the management board, and the other former executives couldn't immediately be reached. They include former CEO Josef Ackermann and Hugo Bänziger, a former chief risk officer.
The agreement follows months of negotiations over final contributions that differ by individuals, but follow the same formula for calculating each person's proportion of the total amount, one of the people said.
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(END) Dow Jones Newswires
July 27, 2017 09:27 ET (13:27 GMT)