Bosch Boss Bashes Bloated Bank Bonuses

January 27, 2010
Bosch CEO Franz Fehrenbach

Bosch CEO Franz Fehrenbach

Everyone complains about fat banker bonuses, but Bosch Chief Executive Franz Fehrenbach is taking the debate to a new level. The head of the world’s biggest car parts maker is going to review ties with its financiers and may break off business with those that pay excessive bonuses, he told reporters. “We find it irresponsible if some big banks more or less go back to business as usual before the crisis despite what we have gone through,” he said.  He cited HSBC and JP Morgan as positive examples of good corporate behaviour. Of course it’s easier to be picky when you are unlisted and generate huge cash flow.

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[...] Der Vorstandschef  des grossen deutschen Maschinenbauers Bosch spricht klartext. Anlässlich der Präsentation des Geschäftsberichtes der Bosch AG am 28. Januar 2010 kündigt Bosch CEO Franz Fehrenbach an, die Gelder der Bosch AG von Banken abzuziehen, die ihren Mitarbeitern übermässige Boni ausschütten. Er will dabei„selektiv vorgehen“ und sagt auf Nachfrage: „Ich bin in dieser Beziehung wirklich geladen“. Mehr dazu finden Sie hier. [...]