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Deutsche Bank co-heads get salary hikes

IMGe3Deutsche Bank has increased the pay for its co-chief executives by more than half in 2013, a year when Germany’s largest bank paid out billions of euros for past misdemeanours partly stemming from the financial crisis. The co-CEOs Juergen Fitschen and Anshu Jain join the list of bank bosses to get substantial pay rises even though banks across Europe are still cutting jobs and struggling to boost returns in the wake of the crisis. Deutsche’s annual report showed that the bank paid 38% more to its management board in 2013, with Jain’s total pay including pension up by more than half to almost 9 million euros ($12.52 million). Fitschen’s pay rose by broadly the same amount to 8 million euros. Part of the increase reflected the fact that Jain and Fitschen were promoted half way through 2012 and received more pay as a result.

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