Transparency report reveals US$3 bil bonus
(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.
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.
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