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Tuesday, March 21, 2023

Billions in profit: Deutsche Bank board earns 5 percent more

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Deutsche Bank is one of the top ten European financial institutions. The billions in profit last year also affects remuneration.

After the highest profit in 15 years, the remuneration of the Deutsche Bank board has increased. The total remuneration – i.e. basic salary plus variable remuneration – of the board around CEO Christian Sewing increased in 2022 compared to the previous year by 5 percent to 67.7 million euros, as the institute announced on Friday in Frankfurt. The board had an average of ten members over the year, but the total is spread over eleven members because there was a change in personnel over the course of the year.

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Sewing’s total remuneration rose by around 110,000 euros to a good 8.9 million euros. Deutsche Bank vice boss Karl von Rohr comes to almost 7.3 million after a good 7.1 million euros in the previous year. Some of these sums are only paid out with a time delay, depending on business success.

Last year, Deutsche Bank achieved its best annual result since 2007. The surplus was more than doubled compared to the previous year at 5.7 billion euros. After deducting interest payments to holders of subordinated bonds, shareholders were left with a profit of just over 5.0 billion euros, compared to 1.9 billion euros a year earlier.

Total employee compensation rose 3 percent year-on-year to €10.2 billion. This primarily reflects an increase in basic salaries and the 2.4 percent increase in the workforce. According to the information, the bonus pot remained essentially unchanged at 2.1 billion euros.

Source: Stern

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