Idiot: Deutsche Bank chief Ackermann fears 'social time bomb'

The chief executive of Deutsche Bank has warned of a "social time bomb" from wealth and income inequality.

Josef Ackermann, who also heads the Institute of International Finance which represents the world's banks, told the BBC that bankers had a responsibility to be philanthropic with their bonuses.

He is due to receive a partially deferred bonus of 8m euros (£6.6m).

However, he said, he felt people in his position had to make a contribution.

"We have a social responsibility, because if this inequality increases in income distribution or wealth distribution we may have a social time bomb ticking and no-one wants to have that."

However, Dr Ackermann said he "preferred not" to talk about philanthropic gestures.

Pay disclosure

His comments come as an annual survey of chairman and non-executive directors, who sit on company boards, carried out by head-hunters Hanson Green and Directorbank found just 32% of chairman think the way top executives are paid is working.

The survey of 298 chairman and 190 non-executive directors found 45% agreed with a proposal that the ratio of chief executive pay to average employee pay should be disclosed in company reports.

http://www.bbc.co.uk/news/business-16857265

Idiot: Deutsche Bank chief Ackermann fears 'social time bomb'

Idiot: Deutsche Bank chief Ackermann fears 'social time bomb'

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