FRANKFURT, Germany, Sept. 19 (UPI) -- An executive of Germany's largest bank is considering resigning after a court said Friday he must face charges of approving large bonuses to bank executives.
If convicted on charges of breach of trust, Josef Ackermann, 55, could face five years in jail. But Deutsche Bank spokesmen told the Financial Times Friday Ackermann had the full support of its management and supervisory boards.
"Senior management remains convinced that Dr. Ackermann has at all times acted honorably and professionally and believes the case against him is misconceived," the bank said in a statement.
The case centers on payments made to Mannesmann-Rohrenwerk executives following the $200 billion hostile takeover of the German telecommunications and industrial group by Vodafone of the UK in 2000.
Ackermann was a member of the Mannesmann supervisory board.
