Deutsche Bank Raises Co-CEO Jain’s Total Compensation 53%Nicholas Comfort
Deutsche Bank AG, Europe’s biggest investment bank by revenue, raised the total compensation of Anshu Jain and Juergen Fitschen by 53 percent each for their first full year as co-chief executive officers.
Jain, 51, and Fitschen, 65, were each paid 2.3 million euros ($3.2 million) in salary last year, an increase of 26 percent from 2012, while bonuses surged 69 percent to 5.17 million euros apiece, according to a report on the Frankfurt-based bank’s website today. Most of the bonus payments were “restricted equity awards,” which almost tripled to 3.53 million euros, it said.
Bonuses across the bank as a whole fell to 3.16 billion euros from 3.17 billion euros for the prior year, according to the statement. Deutsche Bank employed 98,254 people at the end of 2013 compared with 98,219 a year earlier.
Deutsche Bank’s profit last year was sapped by the cost of fines and legal settlements related to alleged attempts to manipulate interest rates and inadequate disclosure of U.S. mortgage-backed securities. Jain and Fitschen, who replaced Josef Ackermann, 66, in June 2012, have focused their efforts on building capital to meet stricter requirements and reducing expenses to lift shareholder returns.
Net income rose to 666 million euros last year from 263 million euros in 2012 when the company wrote down the value of businesses that failed to meet its revenue expectations.
The bank’s shares fell 0.4 percent to 32.32 euros at 12:53 p.m. in Frankfurt. The Bloomberg Europe Banks & Financial Services Index dropped 0.8 percent.
Deutsche Bank restated its fourth-quarter loss to 1.36 billion euros from a previously reported 958 million euros after settling a lawsuit last month that alleged comments by a former CEO contributed to the demise of a group of German media companies in 2002.
The seven-member management board’s total pay for 2013 rose 46 percent to 38.5 million euros from 2012, when 10 executives sat on the committee over the course of the year, according to the statement.
UBS AG, Switzerland’s biggest bank, boosted CEO Sergio Ermotti’s pay for 2013 by 21 percent to 10.4 million Swiss francs ($11.7 million), excluding benefits and pension contributions, the Zurich-based company said last week. Credit Suisse Group AG, the second-biggest Swiss bank, is scheduled to publish CEO Brady Dougan’s pay next month.
Barclays Plc, Europe’s biggest investment bank by revenue after Deutsche Bank, paid CEO Antony Jenkins 1.1 million pounds ($1.82 million) in salary last year and awarded him shares worth as much as 4.4 million pounds as part of a long-term incentive plan, the company’s filings show. He waived his right to a bonus for 2013.