Deutsche Bank CEO receives $13m in compensation

17 March 2010

Josef Ackermann, chief executive officer (CEO) at Deutsche Bank, earned € 9.55 million ($13 million) in pay and bonuses in 2009, the bank has announced.

The eight members of the management board received a total of €38.98 million in 2009, the financial service provider revealed as part of its annual report for the year.

However, up to 70 per cent of the CEO’s payment is to be deferred depending on the group’s future performance.

Overall profit levels for the bank reached €5 billion and were an improvement on the €3.9 billion loss recorded in 2008.

Mr Ackermann said: “2009 was a year of considerable achievement for Deutsche Bank. Financially, we delivered a significant turnaround after the exceptionally difficult conditions of 2008.

“We delivered substantial profitability with a significantly lower balance sheet, while risk-weighted assets declined steadily.”

His pay package is lower than the €14 million he received in 2007.

Deutsche Bank included a forecast for the banking industry which predicted that the global markets would see a “new form of normality in 2010 and 2011”.

By Jim Ottewill

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