The Supervisory Board of Commerzbank has significantly reduced the bonuses of Martin Zielke’s Board of Managing Directors. As the Handelsblatt reports, the inspectors had raised the base salaries in return, but the bottom line was that manager salaries had fallen. The driving force was probably the “Remuneration Control Committee” of the Supervisory Board, which includes the Chairman of the Supervisory Board Stefan Schmittmann, his Vice Chairman Uwe Tschäge and another employee representative, as well as the former State Secretary for Finance and now Internal Affairs Markus Kerber (the Federal Government holds 15 percent of the Coba shares).
20,000 employees also get less
According to the new banking regulation, a “remuneration control committee” must meticulously examine not only manager salaries but also the “remuneration system” for employees below board level. Schmittmann, Kerber & Co. apparently saw a need for action here as well: Coba reduced the variable remuneration of around 20,000 employees by a total of around 100 million euros. In view of the disappointing development, this is “also a question of attitude”, said personnel director Bettina Orlopp. Nevertheless, the cut caused great displeasure, according to the Handelsblatt. But some take the losses with humor: “My Boni is over the ocean”, joked one affected person on the Internet.