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Wednesday, March 26, 2014
Deutsche Bank Raises Co-CEO Jain’s Total Compensation 53%
Deutsche Bank Raises Co-CEO Jain’s Total Compensation 53%
Deutsche Bank AG (DBK), 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.
Photographer: Ralph Orlowski/Bloomberg
Deutsche Bank AG Co-Chief Executive Officers Juergen Fitschen, left, and Anshu Jain,... Read More
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.
Ermotti, Jenkins
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 (UBSN), 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 (BARC), 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.
To contact the reporter on this story:
Nicholas Comfort in Frankfurt at
ncomfort1@bloomberg.net
To contact the editors responsible for this story:
Frank Connelly at
fconnelly@bloomberg.net
Cindy Roberts
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