The latest reports indicate that Deutsche Bank‘s management board members are each taking a 75,000 euro ($78,795) cut in compensation to accept responsibility for employee use of third-party messaging applications at the lender. This information was highlighted by people with knowledge of the matter who was speaking on June 22.
This move by the ten board members is voluntary and intended to send a cultural sign at the bank after weaknesses in the implementation of various policies to prevent the use of illegal messaging apps, according to the sources.
The cut in 2021 pay is small for Deutsche Bank’s (DBKGn.DE) Chief Executive Officer Christian Sewing, who earned an incredible 8.8 million euros last year, which represents a 20% increase from a year earlier.
In that context, the U.S. Securities and Exchange Commission (SEC) has launched a massive inquiry into how Wall Street banks are keeping track of their staff members’ digital communications. The Financial Times earlier reported this development.