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Deutsche Bank is slammed for paying $ 52 million 'golden parachutes' to fired execs – right after managers got lavish suits made while thousands got the ax



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  • Deutsche Bank is slammed for paying out millions to senior managers.
  • , after they were photographed leaving the bank bags in hand.
  • It turns out they were fitting $ 1,800 for the German bank's directors, all while hundreds of staff were being fired.
  • Deutsche's overhaul just seems to keep getting messier.
  • Deutsche's overhaul just seems to keep getting messier.
  • Of the announcement that 1
    8,000 jobs were being cut, the bank's managing directors were suits worth over $ 1,800. Adding to the sting, the Financial Times reported on Wednesday that some executives were paid £ 52 million in golden parachute severance packages.

    The Financial Times reported that the bank has spent more than € 52 million on payouts to senior staff since May 2018. The FT said that is almost equal to the entire management board.

    Gerhard Schick, head of lobby group Finance Watch Germany called the payments "inappropriate."

    "Golden parachutes for failed managers while thousands of employees are releasing their jobs just do not match," Schick told the Financial Times.

    Suited while employees get booted

    It's a "Let them eat cake" moment for the bank, which was seen as being deaf to the gloom of junior staff when on Tuesday Financial News reported that a viral photo of what many thought were fired employees were tailors fitting out lavish suits for executives.

    The photo went viral on Twitter, and was used by The Financial Times, Guardian and Reuters as business insider.

    Ian Fielding-Calcutt and Alex Riley, who work for Fielding & Nicholson Tailoring, had been fitting suits for senior directors unaffected by the cuts.

     Tailor tweet Fielding and Nicholson / Twitter  Tailor tweet Fielding and Nicholson / Twitter

    Fielding-Calcutt customs Financial News: "Our timing was not great, "and that was fitting suits for managing directors at the bank for more than a decade.

    He added: "Almost 30% of our business comes from investment bankers. I think a lot of the people getting laid off were traders of some sort, who don't wear suits, and so we just went ahead as normal with our clients who are obviously affected by the cuts. "

    The German bank's turbulent 14 months culminated in 18,000 jobs being cut across its offices from Sydney to New York.

    Deutsche Bank's severance payments started with John Cryan, the former CEO getting nearly € 11 million pay off. After that six more board members left, cashing in at least € 41 million according to the Financial Times.


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