Deutsche Bank CEO Josef Ackermann earned a total of 9.55 million euros last year, including salary, benefits, and bonuses, according to the company’s annual report published on Tuesday.
Of this amount, 70 percent will be paid to Ackermann later, depending on the future business results of the group, Deutsche Bank further stated. The remuneration of bankers has become controversial worldwide following the outbreak of the global financial crisis, which prompted governments to tighten regulations on bonus payments. Last year, the eight-member management board of Deutsche Bank received a total of 38.98 million euros in compensation, 4.48 million more than in 2008 when the global financial crisis erupted.
The group achieved a pre-tax profit of 5.2 billion euros in 2009, thanks to the recovery of the corporate and investment banking division, which generated 4.3 billion euros. In 2008, the group recorded its first loss in more than 50 years amounting to 5.7 billion euros. The pre-tax loss of the corporate and investment banking division was 7.4 billion euros. Upon the release of the annual report, Germany’s largest bank expressed cautious optimism regarding forecasts for the financial sector. "The banking industry should slowly return to normal in 2010 and 2011," the statement said. (H)
