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Hamburg Commercial Bank: more money for board members NDR.de – News

Stand: 08.04.2019 18:09 clock

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Board members can expect a considerably higher salary at the Hamburg Commercial Bank.

It was official for a few days: after the privatization, the former HSH Nordbank has more than 750 employees go. People were influenced at both locations of the former Landesbank in Hamburg and Kiel. By contrast, according to information from NDR 90.3, there are significant salary increases for the members of the new Hamburg Commercial Bank.

"Compensation system adjusted"

The 2018 Annual Report from Hamburg Commercial Bank states: "Until the successful completion of the privatization on November 28, 2018, the fee for a member of the Executive Board of Hamburg Commercial Bank AG (formerly HSH Nordbank) was EUR 500,000 per year (total fixed salary limited … Following privatization, Hamburg Commercial Bank AG has signed new employment contracts with the current members of the board of directors, adjusting the compensation system. "

Industry experts: Council salaries can double

This means: According to information from NDR 90.3, the current board members of the former Landesbank will receive considerably more money in the future. To start with, the annual fixed salary increases for managers. And secondly, in the event of success, future bonuses will be reimbursed to the members of the Board of Directors of the Hamburg Commercial Bank, half of which is in cash, the other in shares. Industry experts say that the salaries of the Hamburg Commercial Bank board members are expected to more than double on balance.








Hamburg Commercial Bank: debate on salaries

Hamburg Journal

According to information from NDR 90.3 there are significant salary increases for the board members of the new Hamburg Commercial Bank.

Bank does not want to comment

The bank itself does not want to comment on the specific figures and refers to the annual report. It says among other things: "The board of directors has waived a possible premium for successful privatization (HSH Nordbank)." In fact, it would have been possible to give the former HSH Nordbank managers some sort of special bonus when selling the Landesbank. At the time, however, the board members had rejected this.








Hamburg Commercial Bank: more money for board members

NDR 90.3

NDR 90.3 Currently

More than 750 employees must leave the former HSH Nordbank after privatization. There are significant salary increases for the board members of the new Hamburg Commercial Bank. Volker Frerichs reports

"Unfortunately, to be expected": Hamburg politics is not surprised

The criticism of the new remuneration practice stems from the policy of Hamburg. For Norbert Hackbusch from the left it is "no wonder" that the management of the new owners – "the rock dogs from the US" – will be particularly good. Michael Kruse of FDP also criticized the new owners, a consortium of American investment funds. Kruse: "Unfortunately that was the expectation that now the rules of the game of hedge funds also apply, politically this increase cannot be mediated."

Dressel: "No longer our company"

The Senator of Finance, Andreas Dressel (SPD), on the other hand, responded more cautiously: "Well, indeed, when HSH Nordbank was still our commitment, we also had a very clear and strict limitation on the remuneration of the Executive Board. & Keeping up with the rewards of managers in our companies & # 39; is a very important topic for us and for me, but HSH Nordbank is no longer our company. & # 39;

More information

Hamburg Commercial Bank has confirmed the planned reduction of around 44 percent of its jobs. This has an impact on the locations in Hamburg and Kiel. (2019/03/28)
more

Their creation is celebrated with Bon Jovi, in the end it is a billion-dollar grave: HSH Nordbank received the first money injection from Hamburg and Schleswig-Holstein ten years ago. (2019/02/24)
more

After the sale of HSH Nordbank to an American financial investor, the Board of Directors committed itself to massive layoffs. In Kiel in the fall of 500 and in Hamburg at around 300 places. (2018/12/12)
more

The sale of HSH Nordbank has finally been completed. The so-called closing agreement was signed in a Hamburg notary. The bank will now continue under a new name. (2018/11/28)
more

This topic in the program:

NDR 90.3 |
NDR 90.3 Current |
08.04.2019 | 6:00 clock

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