Foreign News: Irish bank pay constraints to be reviewed, Deutsche Bank's nightmare month
The Irish finance minister has struck down a bonus share plan at Allied Irish Banks (in which the Irish government holds a majority share) but has agreed to a review of the stringent pay caps that have been in place since the GFC. However, 'anti-bank' consumer sentiment remains high following a mortgage overpricing scandal last year and the suggestion that constraints on bank pay might be relaxed is already hitting political opposition, reports the FT. Deutsche Bank, whose market value is €24 billion, accidentally transferred €28 billion to Deutsche Boerse Eurex exchange just before Easter, reports the FT. Deutsche says the error was quickly rectified and blamed it on "operational error". News of the accidental transfer came as it was revealed the bank's chief operating officer Kim Hammond is leaving. Finextra reports that Hammond, who joined the bank in 2013 with a brief to bring down operating costs by streamlining its IT architecture, recently referred to Deutsche as "the most dysfunctional company" she'd ever worked for. Her exit follows the ousting of CEO John Cryan and coincides with the departure of head of investor relations John Andrews and Marcus Schenck, co-head of the investment banking decision.