Senior executives at Deutsche Bank, Germany's biggest lender, will forego their million-euro bonus packages in a sign of "solidarity" with staff during the financial crisis.

Josef Ackermann, the chief executive of Deutsche Bank, said he would do without "a few million" euros, to express "a personal sign of solidarity" with staff at a difficult time.

In an interview with the German newspaper Bild am Sonntag, Dr Ackermann said: "I told the Deutsche Bank supervisory board that I am renouncing my bonus in this difficult year in favour of hard-working staff that need the money more than I do."

A spokesman for Deutsche Bank told Times Online: "Dr Ackermann took a decision that he would forego his bonus and then the other members of the management board agreed that they would do the same, as did the supervisory board."

The spokesman said it would be difficult to project how much the executives would be renouncing in pay because bonus packages are not decided on until the new year.

In 2007, Dr Ackermann received €12,679,975 (£9.87 million) in bonus pay. Hugo Banziger, the chief risk officer, and Hermann Josef-Lamberti, the chief operating officer, each received €4,744,618. Stefan Krause, the chief financial officer and the fourth senior board member forfeiting his bonus, joined the company this year.

Although the gesture from Deutsche's executives appears to be the first instance of a board foregoing its bonuses, some bank chiefs have taken similar steps.

Last December, John Mack, chief executive of Morgan Stanley, declined his bonus after "deeply disappointing" fourth-quarter results. James Cayne, the former chief executive of Bear Stearns, and other senior staff gave up bonuses before the bank collapsed.

The lower house of the German Parliament today overwhelmingly approved the €500 billion rescue package for the country's financial system, announced by Angela Merkel on Monday. The upper house will vote on the package later today.

Peter Struck, parliamentary leader of the Social Democrats, said: "We hope that the law passed today will hinder the worst from happening to the financial markets."

Deutsche Bank is not expected to seek aid from the German Government.

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