| Deutsche Bank chief gets over $13 million for 2009 after bank returned to profit |
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16/03/2010 14:19 (698 Day 10:42 minutes ago) | |||||
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The FINANCIAL -- Deutsche Bank chief Josef Ackermann last year earned a total of 9.55 million euros (13 million dollars), after Deutsche Bank, based in Frankfurt and Germany's biggest lender returned to profit.
According to Reuters, Ackermann saw his pay vault from 1.4 million euros in 2008, showing that banker's pay can be more volatile than at other companies such as loss-making auto maker Daimler (DAIGn.DE), which paid its CEO Dieter Zetsche 4.2 million euros in 2009.
In 2008, Daimler's chief earned 4.8 million euros, the same source reports. The lion's share of Ackermann's paycheck was given in restricted form, such as deferred equity, and tops the remuneration of Anshu Jain, currently head of global markets at Germany's flagship lender. Jain, who earned 7.79 million euros in 2009, heads Deutsche's investment bank alongside fellow co-head Michael Cohrs, who earned 3.22 million euros in 2009.
Several additional board members, including Chief Financial Officer Stefan Krause, each earned more than €4 million for the year, according to The Wall Street Journal. The bulk of the executive rewards was allotted as deferred compensation paid out over several years, Deutsche Bank said.
Ackermann, who frequently attracts pubic criticism as the head of Germany's largest listed bank, has in the past defended high compensation as an important means of attracting and retaining talent in the banking industry, as the same source reports. Deutsche Bank also said it would boost management board member's fixed pay in the future to account for adjustments in the way it pays out bonuses following the financial crisis. The lender published the executive remuneration in its annual report. The bank also reiterated that it expects to earn a pretax profit of €10 billion by 2011.
Bank posted a profit of 4.97 billion euros last year, helped by a rebound at the investment bank, after the first annual loss in more than 50 years in 2008, according to Bloomberg. Ackermann had performance-related pay of 8.25 million euros in 2009 after forfeiting his bonus the previous year. JPMorgan Chase & Co. CEO Jamie Dimon got a bonus package valued at $17 million and Goldman Sachs Group Inc. CEO Lloyd Blankfein received an all-stock bonus of $9 million.
The same source reports that Deutsche Bank’s management board earned 38.98 million euros in 2009, compared with 4.48 million euros in 2008, when the members forfeited bonuses.
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