Deutsche Bank AG Friday stated that it slashed the compensation for its co-chief executives, Anshu Jain and Jürgen Fitschen, to a total of EUR6.6 million ($7 million) in 2014, down from EUR7.5 million a year earlier, even though the giant German lender improved net profit.
The bank’s net profit rose to EUR1.7 billion from around EUR700 million a year earlier on the back of improved investment banking results and lower litigation expenses.
“We were disciplined regarding compensation,” Mr. Fitschen said in a video statement.
In a joint statement, Messrs. Jain and Fitschen said, “We are aware the road ahead is challenging; we are now working diligently on the next phase of our strategy,” which will be presented in the second quarter.
Deutsche Bank’s chief executives’ compensation compares with UBS AG’s Sergio Ermotti, who received nearly 11.2 million Swiss francs ($11.1 million) in total compensation for last year, up from 10.7 million francs in 2013. In the U.S., Goldman Sachs Group Inc.’s Lloyd Blankfein, who so far has the largest pay package of major U.S. bank executives, was awarded $24 million for 2014, up from $23 million a year earlier. JP Morgan’s James Dimon pocketed a flat $20 million.
Source: MarketWatch
