German Postbank boss Wolfgang Klein is ready to work for 1 euro (US$1.29) this year after he made more than 3.3 million euros last year despite his company’s hefty losses, a newspaper report said on Saturday.
“I will suggest to the Postbank board that I’ll work for 1 euro this year,” the Bild tabloid quoted Klein as telling the paper. “I want to make it clear that in the current situation only the bank counts and not my personal interest.”
Postbank directors were paid an average of 54 percent more last year, figures contained in its annual report showed last week.
The bank’s 10 board members received a total of 16.2 million euros owing to an exceptional bonus of 11.9 million decided in May.
The bonus was meant to retain directors as Deutsche Bank, the biggest German bank, bought a 30 percent stake in Postbank, which has Germany’s biggest retail banking network.
In 2007, the Postbank board received total pay of 10.5 million euros.
Klein was the highest paid executive last year. Of his pay of more than 3.3 million euros, 2.4 million came from the bonus.
Board members did not receive an annual bonus linked to performance however, as Postbank posted a net loss of 821 million euros.
Der Spiegel news magazine reported that Klein justified the bonus by saying it was paid for having “worked nights and weekends.”
Postbank last year posted its first net loss of 821 million euros.
Bosses’ salaries are a recurrent theme of debate in Germany, and Klein had said last month that “we must put an end to this witch hunt.”
In October, Deutsche Bank chief Josef Ackermann said he would forego his annual bonus owing to effects of the financial crisis.
The board of No. 2 Commerzbank did likewise in November after it asked for state aid.
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