Commerzbank CEO and board take a pay cut in 2018

FILE PHOTO: Martin Zielke, CEO of Germany’s Commerzbank addresses the media during the bank’s annual news conference in Frankfurt, Germany, February 14, 2019. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) – Commerzbank’s chief executive officer took a 32 percent pay cut in 2018, according to the bank’s annual report on Wednesday.

Total compensation for Martin Zielke was 1.97 million euros, down from 2.88 million euros in 2017.

Pay for the management board of the German bank, which is in talks with Deutsche Bank to merge, declined 24 percent.

Reporting by Tom Sims, Hans Seidenstuecker and Arno Schuetze; editing by Thomas Seythal

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