Bonuses for Deutsche Bank's management board rose three times faster for 2021 than the overall bonus pool "as the supervisory board concluded that senior executives did a far better job than operational staff," says Olaf Storbeck in the Financial Times.
According to the annual report, the 11 executives who made up the management board received a combined 45 percent increase in variable pay to €39.9m after hitting 9670 of their targets, compared with 1.5 percent for ordinary managers.
The overall bonus pool rose by 13 percent to €2.1bn, the most since 2017 when it held €2.2bn.
Half of the bonuses will be paid immediately in cash, with the rest deferred and partly to be paid in shares.
Half of the bonus pool went to 9 percent of staff. CEO Christian Sewing was awarded a 23 percent rise in his bonus after meeting 98 percent of his target. His total pay rose by a fifth to €8.8m.
