Deutsche Bank CEO Investing 15% of Monthly Pay in Bet on Shares

Photographer: Alex Kraus/Bloomberg where his mouth is. The chief executive officer will invest 15% of his monthly net salary in the lender’s shares, starting with a 22,144 euro ($24,303) investment on Aug. 30, Deutsche Bank filings show. That goes beyond standard practice at German companies, where senior executives are frequently awarded stock as part of their bonuses. Sewing kicked off Deutsche Bank’s biggest overhaul in recent memory earlier this year after attempts by his predecessors failed to restore the globally-important lender to profitability. The bank has yet to convince investors that it can meet goals for raising revenue in businesses it wants to keep, while exiting stock trading and firing staff across the firm. The stock purchase program runs from …

Chevron walks away from deal with Anadarko

London (CNN Business)Chevron has conceded defeat in the battle for Anadarko Petroleum. The offer from Occidental is worth $76 per share, $59 of which is cash. Chevron had until May 10 to make a counter offer, but it said Thursday that it would let the deadline expire. Chevron said it expects Anadarko to pay a termination fee of $1 billion. Shares in Chevron (CVX) increased 3% in premarket trade. Occidental (OXY) stock dropped 5%. Occidental has been backed by Berkshire Hathaway’s Warren Buffett, who invested $10 billion in the company to help finance its takeover of Anadarko. The interest in Anadarko reflects an intense desire by US oil companies to acquire America’s best shale assets. Occidental is already the No. …