Deutsche Bank board get pay rise as profits soar

Admin l Friday, March 17, 2023

 

FRANKFURT – Board members of Deutsche bank  are to receive 5% more remuneration after the bank recorded its highest profit in 15 years.

The total remuneration – i.e. basic salary plus bonuses – of the committee led by chief executive Christian Sewing increased to €67.7 million ($72 million) in 2022, the bank announced in Frankfurt on Friday.

The board has 10 members, but the total is spread between 11 people because there was a change in personnel during the year.

Sewing’s total remuneration rose by about €110,000 to €8.9 million. Karl von Rohr, the vice-chairman, received just under €7.3 million , compared to €7.1 million in the previous year.

Part of these sums will only be paid out depending on the future success of the business.

Deutsche Bank achieved its best annual result last year since 2007. Profits more than doubled to €5.7 billion compared to the previous year. After deducting interest payments to holders of subordinated bonds, shareholders were left with a little over €5 billion in profits, up from €1.9 billion a year earlier.

The total remuneration of employees rose by 3% to €10.2 billion compared to the previous year. This mainly reflects an increase in basic salaries and the 2.4% growth in the workforce.

The bonus pot, however, remained essentially unchanged at €2.1 billion.