Deutsche pays pounds 1bn bonuses
Thursday 29 July 1999
Bernard Attali was appointed vice-chairman, global investment banking for Europe. Mr Attali, former chairman of Air France, is also the brother of Jack Attali, former head of the European Bank for Reconstruction and Development (EBRD).
Deutsche, the world's largest bank in asset terms following its pounds 5.7bn takeover of Bankers' Trust, said operating profit rose 19.2 per cent to pounds 1.4bn, in line with market expectations.
The bank confirmed that BT's former chairman Frank Newman, who left the group at the end of June, had received a pay-off of pounds 63m to cover the remainder of his contract, which was set to run out in 2003.
Rolf Breuer, Deutsche's chief executive, said the integration of Bankers' Trust was firmly on schedule and unharmed by a series of defections from BT in recent months. Of Mr Newman he said: "We paid him what he would have earned in five years with us. Of course, it's a figure higher than one would get in Germany but it's what he was paid at Bankers Trust." BT's chief financial officer Richard Daniels, who also left in June, received pounds 16m, Deutsche said.
Buoyant financial markets boosted profits from dealing in equities, bonds, currencies and derivatives, helping trading income to beat forecasts at pounds 1.54bn. Holding on to BT's staff since the takeover has been a priority. But paying the bonuses has pushed administration costs up 25 per cent to pounds 4.2bn.
- 1 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 2 Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
- 3 Giorgio Armani criticises the way some gay men dress saying 'a man has to be a man'
- 4 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
- 5 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
'Jihadi John': Isis executioner Mohammed Emwazi wanted to wage jihad in Somalia until his friends were betrayed and killed by al-Shabaab
Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£21000 - £24000 per annum: Ashdown Group: The Ashdown Group has been engaged b...