The Bavarian Landesbank significantly increased its profits last year.
(Photo: imago stock&people)
In the BayernLB Group, at least 17 employees received total remuneration of more than one million euros in 2021. This is the result of data now published by the Landesbank.
According to the information, twelve employees secured remuneration of between one and 1.5 million euros, which also included benefits for company pension schemes. With five employees, the value was in a range between 1.5 and two million euros. Names were not mentioned.
Only employees who are classified as risk takers are covered in the information on the income millionaires. This means that their activities have a significant impact on BayernLB’s risk profile.
Overall, among the non-tariff employees at BayernLB Bank, colleagues from the Markets department did particularly well. On average for all career levels and taking into account the bonus benchmarks, an average remuneration of 167,333 euros was granted here.
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Fixed remuneration clearly predominated across all areas of the bank. In the markets area, for example, an average salary of EUR 132,333 was offset by a bonus of EUR 35,000.
In order to ensure appropriate compensation, the Landesbank has the compensation consultants Willis Towers Watson and AON carry out a market comparison at regular intervals, as it emphasizes. If necessary, the level and structure of remuneration would be adjusted. BayernLB also points out that in individual cases it grants retention bonuses to employees who are “specifically at risk of leaving the company”.
BayernLB had a pre-tax profit of EUR 816 million last year, compared to EUR 197 million in 2020. This was due to the operating business, low risk provisions, interest rate concessions from participation in the ECB tender and capital gains of EUR 101 million from the sale of buildings.
How many remuneration millionaires there were at all banks in Germany in the past year is not known. For 2020, the banking regulator EBA identified a total of 543 people.
More: The reassessment of wealth: Germans are richer than expected