On Monday, the Deutsche Bank’s filling report revealed that the bank’s CEO, Christian Sewing would put 15 % of his monthly net salary into the bank’s shares from September 1 till the end of 2022. Sewing committed to putting all the measures to work in order to bring the German bank out of a crisis.
Sewing is living up to the commitment he made two months ago, who he announced that he would invest a substantial portion of his salary in the shares of the lender bank. He said that he would be “putting his money where his mouth is”.
As per the filing, Sewing would invest about 850,000 euros in total, buying shares worth 21,250 euros ($23,681.00) around the 22nd of every month till December 2022.
Company’s share price fell down sharply after the German bank announced its massive restructuring drive to lay off around 18,000 employees by 2020 and retreating from operations around the world. Bank claimed that it planned to downsize its investment banking division in order to regain its consistent profitability and provide better returns to shareholders.
Sewing called the restructuring drive, a ‘fundamental rebuilding of Deutsche Bank’, as it aimed at putting all the focus on its homeland, Germany.
The restructuring program was believed to cost the bank €5 billion of this year’s earnings, setting up a higher possibility of losses. The company also suspended its dividends for the year 2019 and 2020.