Tuesday, October 28, 2008

Three cheers for Josef Ackermann

Wall Street banks in $70bn staff payout
Pay and bonus deals equivalent to 10% of US government bail-out package

Pay plans for bankers have been disclosed in recent corporate statements. Pressure on the US firms to review preparations for annual bonuses increased yesterday when Germany's Deutsche Bank said many of its leading traders would join Josef Ackermann, its chief executive, in waiving millions of euros in annual payouts.

Well done Josef Ackerman, it is nice to know that someone in management has a sense of proportion.

No comments: