Multinational investment bank Deutsche Bank has aske senior managers to take part in a voluntary pay reduction as part of measures to deal with the financial ramifications of the Covid-19 (Coronavirus) pandemic.
The new voluntary measure will see senior managers who decide to opt-in for the policy, waiving their fixed salaries for one month. The organisation has confirmed that a three-digit number of managers have so far signed up to the scheme.
This scheme is specifically designed for senior managers and will not affect employees below managerial level.
A spokesperson at Deutsche Bank said: “As our restructuring plans progress, the management board and the group management committee have decided to lead by example and give a broader group of senior managers the opportunity to be part of this initiative.
“This is a voluntary measure in the entrepreneurial spirit and discipline with which we are running our organisation.”