Deutsche Bank reduces remuneration for the majority of the Management Board
What do Group CEO Christian Sewing, Chief Technology Officer Bernd Leukert, Head of Europe and Asia Alexander von zur Mühlen, Chief Operating Officer Rebecca Short and Chief Legal Officer Stefan Simon have in common? They earn a generous but reduced salary in the millions. Sewing's salary fell by 2% to 8.7 million euros, Leukert's by 4% to 6.0 million euros, Short's, Simon's and von zur Mühlen's by 3% each to 6.1 million euros, according to Deutsche Bank's annual report for 2023.
Riley only earns basic salary
The managers who left last year recorded even higher losses: Deputy CEO Karl von Rohr, who retired at the end of October, still earned almost three quarters of the previous year's amount at 5.3 million euros. Christiana Riley, who left the company at the Annual General Meeting in May last year and had been responsible for the US business until then, was hit harder. She took 1.0 million euros with her, as she was not entitled to any variable remuneration.
However, there are also some rising stars: Deputy CEO and CFO James von Moltke earned 7.6 million euros, 8% more than in the previous year. Fabrizio Campelli, responsible for the corporate and investment bank, even achieved 8.0 million euros, an increase of 23%. Chief Risk Officer Olivier Vigneron, in the position since May 2022, improved by 55% to 6.0 million euros. Claudio de Sanctis, responsible for the Private Clients Bank since mid-2023, achieved 3.7 million euros.
At 64.6 million euros, the Management Board as a whole earned almost as much as in the previous year. At 27.0 million euros, the basic salary accounts for less than half, meaning that variable components dominate.
Meanwhile, variable remuneration for all employees in the Group fell by 6% to almost 2.0 billion euros. The Investment Bank accounted for the largest share at 893 million euros. The Group proved to be resilient, writes the bank. However, at 4.9 billion euros after tax, consolidated profit was lower than in the previous year.
Millions for DWS top management
The listed fund subsidiary DWS, 79.5% of which is owned by Deutsche Bank, also paid its CEO generously: Stefan Hoops, who succeeded Asoka Wöhrmann in mid-2022, earned 7.0 million euros and thus more than half of the entire Management Board, which had seven members and totaled 13.4 million euros.
The departed CFO Claire Peel, who moved to Barclays UK Bank at the end of September, earned 1.0 million euros, barely more than half as much as in the previous year. IT Director Angela Maragkopoulou, who stayed for exactly one year, took 1.9 million euros with her. She joined the Greek battery specialist Sunlight shortly afterwards as Digitalization and Information Officer.
