/9918578/Banner

/9918578/Banner_2

/9918578/Mid

section

articleId

product

orgType

parrefer

accountID

Consulting

Banking

Accounting

Fintech

Internships

Rankings

Internship Rankings

Intern Resource Center

Explore Internships

Vault Law Home

Practice Area Resource Centers

Regional Resource Centers

Summer Program Resource Center

Vault Law Culture & Inclusion Survey

Vault Law

Guides

Events

Financial Services

Technology

Grad School

Work Relationships

Productivity

Diversity, Equity & Inclusion

Social Impact

Remote Work

Negotiating

Changing Jobs

Workplace Issues

Blog

Resume Samples

Cover Letter Samples

Interview Tips & Questions

A Day in the Life

International

Career Readiness

Explore Professions

Research Industries

Search Companies

Career Advice

Employers

Schools

&lt;p&gt;We&amp;#8217;re talking banking not plumbing, Germany not Ohio, Ackermann not Wurzelbacher. Yes, we&amp;#8217;re talking about the chief executive officer of Deutsche Bank who announced that he and a slew of other top dogs at Deutsche will not be reaping millions in bonus payouts this year and, in fact, will not be reaping any bonus payouts&amp;nbsp;this year.&lt;/p&gt;&lt;p&gt;In Ackermann&amp;#8217;s words, he&amp;#8217;s doing this because there are &amp;#8220;deserving employees that need the money more than I do.&amp;#8221; In other words, &quot;We lost a bundle and a half this year and the bonus pool is barely&amp;nbsp;covering our ankles.&quot;&lt;/p&gt;&lt;p&gt;The announcement coincided with UBS head Pete Kurer saying he probably won&amp;#8217;t be cashing a bonus check this year, either, due to similar steep losses at the Union Bank of Switzerland.&lt;/p&gt;&lt;p&gt;Though this&amp;nbsp;cash foregoing on the part of chiefs&amp;nbsp;might&amp;nbsp;appear to be a new trend in banking, don&amp;#8217;t forget that Morgan Stanley CEO Johnny Mack the Knife gave up his bonus last year and Lehman Brothers head Dick I Won&amp;#8217;t Be Fuld Again said he&amp;#8217;d give up his payday this year (an announcment&amp;nbsp;he&amp;nbsp;made last summer, before his firm went bust). Even so, it&amp;#8217;s likely that more European CEOs will be forced to follow Joe&#39;s example and void their bonus checks, meaning American chiefs will likely not be too far behind.&lt;/p&gt;

Derek Loosvelt

Article

Investment Banking Internships for Summer 2027 Are Open: How, When, and Where to Apply

MBA vs. CFA: Which Pays Off More for Banking and Finance Professionals?

How AI is Changing Careers in Banking and Finance

Where the Vault Fintech 100 Firms Are Headquartered

The Library

No Bonus For Joe

We’re talking banking not plumbing, Germany not Ohio, Ackermann not Wurzelbacher. Yes, we’re talking about the chief executive officer of Deutsche Bank who announced that he and a slew of other top dogs at Deutsche will not be reaping millions in bonus payouts this year and, in fact, will not be reaping any bonus payouts this year.In Ackermann’s words, he’s doing this because there are “deserving employees that need the money more than I do.

No Bonus For Joe | Career Advice - Vault

Vault by Infobase

No Bonus For Joe

Employers

Schools

Vault Gold

Careers

Blog

Vault Law

Contact Us

Help Center