(22 March 2010 – USA) Last week Deutsche Bank published its first ever Group Remuneration Report, revealing the bank paid out US$3 billion (A$3.25 billion) in bonuses to staff who conduct ‘high risk business’.The report, published to provide transparency on employee compensation, showed that the bank’s eight member executive board received US$53.3 million in compensation for their work in 2009, nine time what they received in 2008.
The investment bank’s chief, Josef Ackerman, was paid over US$13 million, while global markets chief, Anshu Jain, took home US$10.7 million.
The bank’s head of global banking Michael Cohrs received a salary of US$4.41 million.
Compensation paid out by the bank was up 18 percent on 2008, with employees over at the corporate and investment banking division averaging US$296,000 each; that amounts to 39.2 percent of unit revenue being paid out in compensation.
The bank said that it paid US$3.01 billion in bonuses alone out to staff who conducted ‘high risk’ business, although the bank didn’t define what ‘high risk business’ actually was.