For most leaders, admitting they do not understand something is a no-no, but not so Deutsche Bank's new co-chief executive John Cryan – at least when it comes to the bonus culture and his pay packet.

“I have no idea why I was offered a contract with a bonus in it because . . . I will not work any harder or any less hard in any year, in any day because someone is going to pay me more or less,” he said.

Pay in the sector was still too high, he added, and he did not “fully empathise” with people who “say they turn up to work and work harder because they can be paid a little bit more”.

He made the comments as Deutsche and some of its big European rivals are under pressure to prove to shareholders they are using their money wisely and their restructuring programmes will produce improved returns.Mr Cryan’s package has not been disclosed but his predecessor drew a salary of €3.8 million in last year, plus another €2.8 million in long-term and short- term bonuses.– Copyright The Financial Times Limited 2015