German Bank submits report: Less content for Jain and Fitschen – Reuters

The Co-head of Deutsche Bank

Anshu Jain (right) and Jürgen Fitschen, have disclosed in the Annual Report of their salaries

(Photo: Reuters).

Frankfurt The top management of Deutsche Bank must tighten their belts a little tighter. The remuneration of the Executive Board for the past financial year fell by almost ten percent to 35.3 million euros a year earlier, it had still been € 38.5 million.

The income of the two co-CEO Jürgen Fitschen and Anshu Jain declined even slightly more – by eleven percent to 6.66 million euros each. For the so-called material risk-takers of the bank – have special duties and responsibilities – about 85 percent of the variable remuneration in 2014 were postponed in the following years and linked to performance and forfeiture conditions. Among them, there are also seven bankers who pocketed between seven and nine million euros – more than deserved Jain or hinge plates.

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Fitschen and Jain justified their remains quite high fees with the business development in 2014. we have the result despite difficult conditions can improve. “For the first time all four core business areas have generated a result before tax of each more than a billion euros,” they declared on Friday night. We have continued to strengthen its capital base and since taking office in 2012 reduced total assets by almost a quarter.

The total compensation of all employees has 2014 10.0 billion euro increased only slightly (by 9.9 billion euros) , The variable remuneration is under review for a bonus pool of only 2.7 (previous year: 3.2) decreased billion euros.

Topic: German Bank

At the same time took was fixed at 7.3 (6.7) billion euros. Investment Banking – which has caused billions in environmental liabilities and legal fees in recent years – has impacted cuts. The total remuneration in the area fell by 0.7 percent, while the number of employees increased by 0.9 percent.

For the first time individual bonus targets and their achievement has been published. Then Jain and Fitschen cut each 54 percent were the worst, legal and personnel director Stephan Leithner managed contrast with 61 percent of the best result.