Deutsche Bank's bosses get bonuses for first time in 4 years

Frankfurt

DEUTSCHE Bank's management board members were handed their first bonuses in four years, while CEO Christian Sewing was paid seven million euros (S$10.7 million) for last year, according to the bank's annual report on Friday.

Deutsche's disclosures on its bosses' pay come as the bank holds talks with rival Commerzbank about a proposed merger, which unions have said could result in big job cuts.

Mr Sewing, who took on the role last April, led the bank to its first profit in four years and is heading the merger talks with Commerzbank. He had earned 2.9 million euros for 2017 before he was CEO.

His 2018 pay was higher than the CEOs of several other major European investment banks, including HSBC's CEO John Flint and Barclays boss Jes Staley. But Mr Sewing received less than Credit Suisse CEO Tidjane Thiam, who got 12.65 million Swiss francs (S$17.17 million), making him among the top earners in the European banking sector.

Deutsche's management board received total pay, including bonuses, of 55.7 million euros in 2018, up from 29.8 million euros a year earlier, the annual report said. Deutsche's overall bonus pool for 2018 was 1.9 billion euros, down 14 per cent from 2.3 billion euros a year earlier.

The decline is partly due to a reduction in headcount, the bank said. REUTERS