The headquarters of Germany's Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) - Deutsche Bank DBKGn.DE is working on a new, more transparent bonus system for its top executives, German newspaper Handelsblatt reported on Tuesday, citing sources.

Deutsche Bank will propose the new system to its annual shareholders meeting, which is scheduled for May 18, the newspaper said.

The new system will be less complicated and more transparent. Deutsche Bank declined to comment on the report.

Deutsche Bank earlier this month decided to cut bonuses drastically as it tries to turn a profit and faces a big bill for litigation.

Germany’s biggest bank has finalised a $7.2 billion settlement with the U.S. authorities over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis. It has also agreed to pay $630 million in fines for organizing $10 billion in sham Russian trades.

Deutsche Bank’s management board has decided to waive its own bonuses for 2016.