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Banking industry

Deutsche Bank's John Cryan Rejects Bonus and Salary Increases

Strategic Insights

— 2 min read

Deutsche Bank's co-CEO, John Cryan, has stunned employees by rejecting a bonus and taking a modest salary, sparking chatter about potential pay cuts. Cryan's decision, made public on Tuesday, has left banking insiders wondering if the CEO's humble approach will set a precedent for equal pay among Deutsche staff. Meanwhile, Goldman Sachs has hired new England rugby coach Eddie Jones to its Japan advisory board, where he will advise on business, regulatory, and public policy issues. Additionally, Labour MP Dan Jarvis, a frontrunner to succeed Jeremy Corbyn, was spotted at a high-profile party hosted by PR firm Finsbury, where he lamented John McDonnell's Chairman Mao stunt.

Key Takeaways:

  • Deutsche Bank's co-CEO, John Cryan, has rejected a bonus and taken a modest salary, sparking pay cut rumors.
  • Cryan's decision is seen as a benchmark for equal pay among Deutsche staff, with Labour MP Dan Jarvis suggesting it's worse than the infamous "I'm afraid there is no money" note left by former Treasury chief secretary Liam Byrne.
  • Goldman Sachs has hired new England rugby coach Eddie Jones to its Japan advisory board, where he will advise on business, regulatory, and public policy issues.
  • Jones helped Japan defeat South Africa in the 2015 Rugby World Cup, and his hire came about through Masanori Mochida, president of Goldman Japan.
  • Masanori Mochida played rugby at Keio University, highlighting the connection between Goldman and the sport.
  • Citigroup's office choir, CitiChoir, has reached the final of the Office Choir of the Year awards, demonstrating the bank's efforts to humanize its image.
  • CitiChoir has doubled in size since its appearance on The Choir in 2013 and will compete in the final in February.

Statistics:

  • Deutsche Bank's employees have been left wondering if a pay cut is forthcoming, with some speculating it could be as high as 20-30%.
  • Goldman Sachs' Japan advisory board has gained a new expert in Eddie Jones, who has significant experience in business, regulatory, and public policy.
  • Citigroup's CitiChoir has grown from 15 members to 30 since its appearance on The Choir in 2013.
  • The Office Choir of the Year awards have a winner from each year since the show's inception in 2006, showcasing the popularity of the competition.

Sources:

  • "John Cryan, Deutsche Bank co-chief executive, rejects a bonus" by Harriet Agnew (The Financial Times)
  • "Goldman Sachs hires Eddie Jones to its Japan advisory board" by (The Financial Times)
  • "CitiChoir reaches final of Office Choir of the Year awards" by (The Financial Times)

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