“Talent will be happy to work for us. At the end of the day this is a people business . . . about who has the best talent,” Mr Ackermann said. A $500,000 cap on executive pay would deter top talent,he argued.
The view of one of Europe's leading bankers adds fuel to the debate over Mr Obama's curbs on the US banking sector.
Mr Ackermann and other Deutsche executives have foregone bonuses for 2008 after the bank's €3.9bn ($5bn) loss, its largest in 50 years. But it has not received government funds.
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