Deutsche Bank co-CEO asked for two million euro pay cut: paper

FRANKFURT Sat Mar 23, 2013 9:05pm EDT

Anshu Jain, Co-Chairman of the Management board and the Group Executive Committee of Germany's largest business bank, Deutsche Bank AG gestures as he speaks during a visit at the Thomson Reuters office in Frankfurt February 21, 2013. REUTERS/Lisi Niesner

Anshu Jain, Co-Chairman of the Management board and the Group Executive Committee of Germany's largest business bank, Deutsche Bank AG gestures as he speaks during a visit at the Thomson Reuters office in Frankfurt February 21, 2013.

Credit: Reuters/Lisi Niesner

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) co-Chief Executive Anshu Jain requested a pay cut of almost 2 million euro ($2.60 million) to draw level with the 2012 compensation package of fellow top executive Juergen Fitschen, a German newspaper reported.

Jain, who until June last year was head of investment banking at Deutsche, asked the supervisory board at the beginning of this year not to be paid parts of his bonus for 2012, Sunday paper Welt am Sonntag cited sources close to the board as saying.

In an excerpt of the article made available to Reuters on Saturday, the paper said Jain did so of his own volition and that he made a point of getting equal pay with his co-CEO.

Deutsche bank declined to comment.

Deutsche Bank said on Friday Jain and Fitschen would get 4.8 million euros each for 2012, docking pay after the bank was forced to restate its earnings due to additional legal provisions.

Supervisory board Chairman Paul Achleitner said at the time the board deemed it a good idea for both co-CEOs to have equal pay.

Europe's biggest bank by assets earlier in the week increased litigation provisions to 2.4 billion euros, forcing it to correct a January 31 earnings report which already showed the worst quarterly loss in four years.

For 2011, Jain received 9.8 million euros and Fitschen 4.2 million euros in variable and fixed pay, and long-term incentives.

(Reporting by Ludwig Burger and Edward Taylor)

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