Deutsche Bank boss says a contract bonus doesn’t make him work less tough or work any harder. So would he still choose the bonus,no matter the performance?“I possess no opinion why I was offered a contract with a bonus in it because I promise you I will not work any harder or any less tough in any year, in any day, and because someone is going to pay me more or less.”John Cryan,the new co-chief executive of Deutsche Bank, was only being honest. It has always been a fantasy that the whiff of a bonus makes members of the executive class strive harder or better. Pay-for-performance, and the supposed philosophical underpinning,is an elaborate cover story, encouraged by fund managers who drink from the same trough and endorsed by consultants with spreadsheets for sale. Related: Bankers still overpaid, or says German bank chief Continue reading...
Source: theguardian.com