The salary of the head of Deutsche Bank has recently increased.
(Photo: IMAGO/Political Moments)
Frankfurt In the opinion of its supervisory board, Deutsche Bank is not making progress fast enough in resolving its regulatory deficits. This has consequences for the variable remuneration of the board members: a certain bonus component was reduced by a flat rate of five percent for the entire management body.
The management board “continued its restructuring activities with great commitment and various measures in order to meet the high expectations of the supervisory authorities,” says the annual report. However, the improvements required more time and “milestones” had been rescheduled or not achieved. That has to be taken into account in the payment.
For this reason, the supervisory board reduced the individually achieved targets for all board members by five percent. The criticized weaknesses in corporate management also seem to be reflected in another area: the long-term bonus components of the board members are linked to sustainability goals, among other things.
This also includes services in the fight against money laundering and the improvement of the control environment. And in this area of sustainability, the bank only achieved 69.88 percent of its goals last year. In the previous year, the degree of target achievement was 89.38 percent.
The stricter look at the internal control systems of Deutsche Bank bears the signature of the new supervisory board chairman Alexander Wynaendts. “The board of directors has always delivered the numbers, and that’s important,” Wynaendts told the Handelsblatt in an interview published in January. “On the other hand, we must continue to work hard on our internal controls and the elimination of weaknesses in order to improve and meet all the requirements of the regulatory authorities. The bank has made progress, but much remains to be done.”
Sewing brought 700 Russian IT experts to Berlin
Despite these reductions in some bonus components, the management team around CEO Christian Sewing earned slightly more than in the previous year. This was not least thanks to the “financial milestones”. The bank had earned as much in the financial year as it did 15 years ago. This and the “contributions of the individual members of the Executive Board to this success” were “taken into account positively” by the Supervisory Board in the performance evaluation.
The total remuneration of CEO Sewing therefore rose to 8.9 million euros. In the previous year, this total was 8.8 million euros. The improved business result also paid off for many employees of the bank. The number of income millionaires rose from 520 to 572 employees. Overall, the variable remuneration for all employees increased slightly to just over 2.1 billion euros.
In its annual report, the bank has now disclosed for the first time how many IT experts it has brought to Berlin from its Russian technology center: Sewing pushed ahead with the opening of the Berlin Tech Center, “including the successful transfer of around 700 colleagues from Russia “, says the report. It is the first time that the bank has publicly given figures. About 1,500 people worked in the bank’s technology centers in Moscow and Saint Petersburg before the war.
More: Deutsche Bank brings Russian IT experts to Berlin on a large scale