German bank chief Christian Sewing wants to invest a total of 850,000 euros in shares of his bank in the coming years. To this end, he would buy as part of a long-term order by the end of 2022 every month for 15 percent of his monthly net executive compensation shares, as the Deutsche Bank announced on Monday. Calculated, the CEO should put so monthly about 21,250 euros in shares of the financial house. Sewing receives an annual base salary of 3.4 million euros gross.
The 49-year-old had already at the presentation of the radical reconstruction of Deutsche Bank
After acquiring shares in two tranches to date - most recently on 30 August shares for 22,144 euros at an average price of 6.58 euros - future share purchases will be automated. This is to avoid possible conflicts of interest, it says from the bank.
And what about bonuses?
Sewing is committed to the permanent order, which is executed on the 22nd of each month, until the end of 2022, provided that it belongs to the Deutsche Bank Executive Board. Sewing's current management contract will run until the end of 2022.
In addition to his base salary, Sewing receives some bonuses as shares. The decline in the share price in recent years has also affected the members of the Executive Board. It is unclear whether the Management Board will once again abandon its bonuses in view of the expected loss of billions in 2019.