Allianz announced on Friday big bonus cuts for its CEO and board, and a settlement with a “vast majority” of investors, as it braces for the outcome of US regulatory investigations into a multibillion-dollar trading debacle at its funds arm.
The issue has worried Allianz’s top shareholders and harmed its reputation with pension funds that provide a source of business for one of Germany’s best known brands. The issue centres around Allianz funds that used complex options strategies to generate returns but racked up massive losses when the spread of Covid-19 triggered wild stock market swings in February and March 2020.
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Allianz to cut bonuses after trading debacleAllianz has today announced big bonus cuts for its CEO and board, and a settlement with a 'vast majority' of investors, as it braces for the outcome of US regulatory investigations into a multibillion dollar trading debacle at its funds arm.
Source: RTEbusiness - 🏆 16. / 61 Read more »