12:02 PM EDT, 03/14/2024 (MT Newswires) -- Deutsche Bank ( DB ) has cut the cash bonuses of some senior executives by up to 50% after an IT migration project resulted in service disruptions to German retail clients, the Financial Times reported Wednesday.

Thousands of Deutsche Bank ( DB ) customers couldn't access their accounts after 12 million clients and 50 billion data sets were moved to another IT system last year, prompting a rebuke by German financial watchdog BaFin, the report said.

The cuts, equivalent to 1.95 million euros, are twice as high as the reductions in the previous year due to missed milestones and issues with internal controls, according to the report said.

Deutsche Bank ( DB ) didn't immediately respond to a request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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