Deutsche Bank's CEOs' Earnings Up By a Third

By Eyk Henning 

FRANKFURT--The co-chief executives of Deutsche Bank AG, Anshu Jain and Jürgen Fitschen, each earned at total of EUR7.5 million ($10.4 million) in 2013, one third more than in the previous year when they took over the reins at Germany's largest lender in May.

The rise in salary is partly due to it being the pair's first full year at the top of the bank but is also because Deutsche Bank more than doubled its net profit to EUR681 million on cost savings. The final net profit figure is more than EUR600 million below the preliminary figure released late January, mainly weighed down by a charge for settling a legal battle with the heirs of former media mogul Leo Kirch last month.

The overall bonus pool for the overall bank remained at around EUR3.2 billion. The bank also aims to keep the dividend unchanged at EUR0.75 a share.

Deutsche Bank's chief executives' compensation compares with UBS AG's Sergio Ermotti, who received 10.7 million Swiss francs ($12.3 million) in total compensation for 2013, a 21% increase from his pay package for the prior year. In the U.S., Goldman Sachs awarded its CEO about $23 million in salary and bonus for 2013, while J.P. Morgan disclosed that it had paid Jamie Dimon $20 million. Bank of America Corp. paid its CEO $1.5 million in salary and $12.5 million in restricted shares.

Write to Eyk Henning at [e-mail]

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