Deutsche Bank AG hiked its investment banking bonus pool by double digits as the lender last year posted its first profit after five consecutive annual losses, according to Bloomberg.
- Germany’s largest lender hiked compensation for investment bankers by 46%, and all units by 29%. Other European banks reported smaller gains or even cuts.
- Deutsche Bank’s overall bonus pool grew by 413 million euros or $492 million to 1.9 billion euros. Annual profit attributable to shareholders was at 113 million euros. Chief executive officer Christian Sewing’s pay grew 46% to 7.4 million euros.
- The lender earlier planned to increase its bonus pool to over 2 billion euros but held back after objections from the European Central Bank.
- Lower-paid staff of the bank have been on strike for several weeks to petition a 6% raise.
- Deutsche Bank shares grew 1.4% as of 2:12 p.m. to bring year-to-date gains up 19%.