Deutsche CEO to invest 15pc of monthly net pay in bank’s shares

CEO Christian Sewing speaks during the annual shareholder meeting of Germany’s largest business bank, Deutsche Bank, in Frankfurt May 23, 2019. — Reuters pic
CEO Christian Sewing speaks during the annual shareholder meeting of Germany’s largest business bank, Deutsche Bank, in Frankfurt May 23, 2019. — Reuters pic

FRANKFURT, Sept 2 — Deutsche Bank’s chief executive Christian Sewing will spend 15 per cent of his monthly net salary buying the German lender’s shares starting in September, a regulatory filing showed today.

The filing makes official a pledge Sewing made in July, when he announced a major restructuring of the bank. Sewing said at the time he would invest a “substantial amount” of his fixed salary in the bank. The CEO, who is shaking up Deutsche Bank to try to revive its profitability, said in July he wanted to put his money where his mouth was.

Sewing will buy roughly €21,250 (RM98,280) in shares around the 22nd of each month through to the end of 2022, the filing said. That would result in a total investment of around €850,000, based on monthly purchases up to the end of 2022.

Deutsche Bank shares hit a record low of €5.78 per share on Aug. 16. At 1203 GMT on Monday, Deutsche’s shares were at €6.64 each, up 1.1 per cent. They are down 4.7 per cent so far this year.

Last month, Deutsche Bank Chairman Paul Achleitner bought nearly €1 million of the bank’s shares. — Reuters

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