Top American bankers could head overseas

Jordan News.Net
Friday 6th February, 2009

Executives in U.S. banks are believed to be fielding approaches from European banks following the announcement of the Obama administration's salary cap for the sector.

Bonuses and salaries of executives at American banks that have needed, or will need, government financial aid, are now restricted at $500,000 per executive per year.

Josef Ackermann, chief executive of Deutsche Bank, told The Financial Times that the Obama cap could help it recruit their most talented people.

'If you are only going to be able to pay a $500,000 bonus, I think talent will be happy to work for us. At the end of the day, this is a people business, about who has the best talent,' he said.

Ackermann and other Deutsche executives have foregone their bonuses for 2008 after the bank's 3.9 billion euro loss, its largest in fift years. The bank has not received government funds, said the Times.

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