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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
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- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
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- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Deutsche Bank Clawback Executive Bonuses Totaling $45 Million
Deutsche Bank will clawback about $45 million worth of bonuses from 11 executives who had served the bank during the financial crisis and afterwards to make amends for past misdeeds by the bank. It’s the first time that executives of a major European bank have collectively agreed to forego outstanding bonus allocations. The 10 former and 1 current management board member will instead receive bonuses totaling around $37 million.
While the bank did not identify the executives, sources said they include, the following: former CEOs Anshu Jain, Juergen Fitschen and Josef Ackermann; former board members Stephan Leithner, Rainer Neske, Henry Ritchotte, Stefan Krause, Hugo Baenziger; and, current board member Stuart Lewis.
Deutsche Bank said the executives "always administered their office with due care and that they cannot be accused of any breach of duty." The executives agreed voluntarily to waive the payments "as an act of solidarity with Deutsche Bank", the bank said.