* Deutsche Bank co-CEOs each get 4.8 mln eur for 2012
* Management board as whole to get 26.3 million euros
* Chairman says pay was changed after earnings restated
FRANKFURT, March 22 Deutsche Bank
will pay co-Chief Executives Anshu Jain and Juergen Fitschen 4.8
million euros ($6.2 million) for 2012, docking pay after the
bank was forced to restate its earnings due to additional legal
"This is significantly below the European average," chairman
Paul Achleitner said at a press conference about pay reform at
the lender on Friday.
Upon being asked whether pay had been adjusted to reflect
Deutsche Bank's restated 2012 results, which were revised
downward because of a 600 million euro increase in litigation
provisions, Achleitner said, "Naturally."
Europe's biggest bank by assets this week increased
litigation provisions to 2.4 billion euros, forcing it to
correct a Jan. 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
The management board as a whole will receive 26.3 million
euros ($34 million) in fixed and variable pay for 2012, down
from 40.1 million euros in the year-earlier period, Achleitner
The amount includes a fixed and a variable component,
Achleitner said, adding that the variable component will be
awarded in shares which cannot be paid out for five years.
Achleitner declined to say whether Deutsche Bank would raise
fixed salaries in response to European Union rules that seek to
put a cap on bonuses.
On Friday the bank's independent pay review committee said
Europe's banks would likely raise fixed salaries if European
Union rules put a cap on bonuses.
Juergen Hambrecht, a former BASF chief executive, who heads
the panel said: "European rules are more stringent than in the
U.S. and Asia. This has consequences. A raising of fixed
salaries is one of them."
Raising base salaries for management board members and
senior executives is one of the only ways to remain competitive,
when compared with banks which are not impacted by E.U. bonus
rules, Hambrecht said.
European banks will still be at a competitive disadvantage
because higher fixed salaries inflate the cost base, making it
harder for banks to lower salaries in times of an economic
The committee's recommendations are non-binding.