The bank’s annual report, published yesterday, reveals that board salaries and bonuses alone amounted to €32.43m last year, of which €9.41m was salary and the rest was in bonus. This marks a 5.1 per cent drop in overall pay costs on 2009, but a 36.8 per cent jump in board base salaries.
The increase in salaries versus bonuses will feed concerns that banks are shifting more of their compensation to fixed pay in response to stringent rules on bonuses. About a third of the awards, €12.35m, is in deferred “long-term incentive” pay, which will only vest if board members hit performance targets.
The annual report also showed that Deutsche substantially increased its headcount last year from 77,000 in 2009 to 102,000 last year. Most of the increase was in Germany, which saw 21,900 jobs added.
The bank said that the vast majority of the increase was due to the acquisition of Deutsche Postbank AG.