Friday 12 March 2021 9:13 am

Deutsche Bank boosts CEO pay by 46 per cent following return to profit

Deutsche Bank raised CEO Christian Sewing’s pay by 46 per cent to $8.8m in 2020 as the bank revelled in profit after years of losses.

Bonuses for the entire bank were up 29 per cent as it rewarded its senior staff for a pandemic-related trading boom.

Some were less impressed with the rise, as call centre workers went on strike over demands for higher wages.

At least 650 staff in Berlin and Essen have been on an open-ended strike this year as they seek a six per cent pay rise.

Some of those workers earn as little as €12 per hour, according to union officials.

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The bank announced the figures in Friday’s annual report, which said revenues would be “marginally lower” this year.

The return to profit marked an important milestone for CEO Sewing, who took over in 2018 to turn Deutsche around after costly regulatory failings.

Deutsche’s net profit attributable to shareholders for 2020 was €113m, compared with a loss of €5.7bn in 2019.

A surge in investment banking earnings offset a weaker showing in its other businesses.

The rise in the bonus pool to €1.9bn brings it to around the same level as 2018 after a dip last year.

Read more: Deutsche Bank delivers first profit in six years after trading boom