Deutsche Bank (DB) CEO's Compensation For 2018 Increases
Zacks Investment Research | Mar 25, 2019 08:42AM ET
Deutsche Bank (DE:DBKGn) AG (NYSE:DB) has paid its CEO Christian Sewing compensation of €7 million (excluding fringe benefits and pension service costs) for 2018, up considerably from 2017. The higher pay is a reward for improving the company’s performance.
The CEO has been praised for standing up to his duties of developing and implementing a strategic plan, laying down an impressive cost savings target for 2019, stabilizing and improving client satisfaction and employee commitment.
The executive group’s compensation of €55.7 million also came above €29.8 million in 2017, mainly due to rise in variable compensation and decision to increase base salary for some.
However, 2018’s bonus pool was €1.9 billion, down 14% from previous year mainly due to reduction in headcount undertaken by Sewing as a move to cut costs. Notably, the German lender has paid its board members bonuses for the first time in the last four years.
The highest paid executive is Garth Ritchie, who received a total compensation of €8.62 million in 2018 compared with €3.25 million in 2017. He received a functional allowance of €3 million for being handed with an “additional responsibility in connection with the implications of Brexit”, per the annual report. Another executive, Stuart Lewis, received functional allowance of €1.2 million.
The rise in executive group’s pay is reflective of improvements made in terms of stable balance sheet, return to profitability and the significant progress made to reduce costs and generate higher returns.
Shares of Deutsche Bank have declined 31% over the past six months on the NYSE compared with 4.6% fall recorded by the Zacks Investment Research
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