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The highest paid employee of Deutsche Bank could earn almost twice as much as the Chief Executive Officer Christian Sweing for 2024, because the greatest German lender increased the bonuses following an increase in the profits of investment banks.
The number of employees earning more than 1 million euros jumped 28% to 647 in 2024, compared to 505 the previous year. The increase was fed by an increase of 78% of the benefits before taxes in the division of investment banks, where a variable salary linked to performance represents a larger share of total remuneration.
The Bank’s overall bonus pool increased by 25% to 2.5 billion euros, the most since 2014, while total salary increased by 8% to 11.1 billion euros, with remaining workforce.
Deutsche does not reveal the identity of his best employee, who is not on the board of directors, but an individual was paid up to 18 million euros last year, while in 2023, the highest employee had a wage range of 14 million euros to 15 million euros. The seam is online to earn 9.8 million euros, an increase of 12% compared to 2023.
Thursday, the executive bonuses of the members of the board of directors set out in the bank’s annual report are preliminary estimates due to the changes in its remuneration structure. The final remuneration packages could be higher or lower depending on the future performance of Deutsche.
Since 2024, the bank has linked payments to performance over the next three years rather than the last three. The sewing salary could therefore reach a maximum of 12 million euros.
The final payments of 2024 for the members of the Council will not be fully determined in 2026. If the members of the Board of Directors reached 100% of their objectives, their long -term combined bonus would total 25.6 million euros, against 19.8 million euros in 2023 when they have reached 77.5% of the target.
The short -term bonuses have dropped for most members of the board of directors after having lacked individual objectives. The bonus for administrative director Stefan Simon almost reduced by half to 1 million euros, compared to 1.8 million euros the previous year, after the bank was struck by an unexpected litigation of 900 million euros. This concerned a long-standing legal case on the price it paid to the shareholders when he bought a post-Banc retail lender over ten years ago.
The bonus paid to the outgoing risk director Olivier Vigneron has also been reduced by more than 20%.
Deutsche warned investors twice last year that the loss of loan would be higher than originally expected and clashed with the European Central Bank for its risk management.
