Top bosses agree to pay cuts in show of solidarity with workers during crisis

Executives at many top companies are agreeing to take cuts to their salaries

Vinjeru Mkandawire
, The Telegraph

“Compensation is still too high” complained John Cryan, the former boss of Deutsche Bank at a conference on ethics and culture. “We’ve just paid people too much across the board.”

Cryan’s warning came as big banks faced a crackdown on exorbitant bonuses in the years following the financial crisis. His pleas may have struck a nerve with millions of employees at the time, and after a decade of close scrutiny of bankers’ bonuses all businesses are now facing more pressure for senior staff to share the pain of the coronavirus crash.

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