Deutsche Bank could seek repayment of manager bonuses - sources

The logo of Germany's largest business bank, Deutsche Bank is seen in front of one of the bank's office buildings in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - Deutsche Bank DBKGn.DE is still considering whether to demand that former top managers repay bonuses given the bank's poor performance, several people familiar with the matter told Reuters.

Two of them said a law firm had been looking through former managers’ contracts to find out both whether the bank can refuse payment of frozen bonuses and whether it can claw back money that has already been paid.

Sueddeutsche Zeitung reported earlier that Deutsche Bank wanted to demand repayment of bonuses from six former executives, including ex-Chief Executives Anshu Jain and Josef Ackermann.

The biggest individual sum, in excess of 10 million euros ($10.65 million), was to come from Jain, who was co-CEO of Deutsche from 2012 until 2015, Sueddeutsche said, citing financial sources.

Jain declined to comment on the report.

Ackermann said that only outstanding bonuses were at issue, not payments that had already been made.

“There is no talk about the repayment of bonuses,” he said at a conference in Berlin on Thursday, only whether outstanding bonuses would “voluntarily be left with the bank”.

Ackermann said he had in the past shown willingness to make a contribution under certain circumstances, but added he would not formally forego claims.

Deutsche Bank also declined to comment but referred back to its 2015 financial report, which said that the supervisory board had decided to suspend bonus instalments that were to be paid in 2015, affecting 11 current and former managers.

Reporting by Kathrin Jones and Edward Taylor; Additional reporting by Gernot Heller; Writing by Maria Sheahan; Editing by Keith Weir and Alexandra Hudson