Deutsche Bank managers to forego some pay in cost cutting effort

FRANKFURT (Reuters) – Deutsche Bank’s top managers will waive one month of fixed pay in an effort to cut costs, the bank’s chief will tell shareholders next week.

Members of the management board as well as the bank’s group management committee will be affected by the move, said the bank’s chief executive Christian Sewing, according to a text of the speech published on Tuesday.

(Reporting by Tom Sims; Editing by Sandra Maler)