No bonuses for the board, says bank's Yorkshireman boss

The supervisory board of Germany’s biggest bank has taken the decision not to award bonuses to the management board, the Yorkshireman John Cryan told a news conference.

“In the context of the overall performance of the bank last year, which the board has to own... that is a decision which I respect,” said Mr Cryan, who was born in Harrogate.

Mr Cryan, who took charge of the bank six months ago, was initially praised for his plain-spoken assessment and pragmatic approach to the bank’s challenges but investors have been showing signs their patience was beginning to thin.

“We can and will transform Deutsche Bank into a stronger, more efficient and better-run institution,” added Mr Cryan.