Deutsche Bank introduces a one month voluntary pay reduction for senior managers

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.

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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.”