* Cap applies to co-CEOs Jain and Fitschen
* Maximum compensation limited to 9.85 mln euros each
* Pay partially deferred, fixed salary raised
By Philipp Halstrick and Edward Taylor
FRANKFURT, April 17 Deutsche Bank AG's
co-chief executives will have their total pay for
2013 capped at 9.85 million euros ($13 million) each, according
to the agenda for the company's annual shareholders' meeting.
Under the terms of the lender's compensation system for this
year, Anshu Jain and Juergen Fitschen's bonuses will be capped
at 7.55 million euros and their fixed salaries at 2.3 million.
The move comes after European Union lawmakers last month
moved to introduce a pan-European rule to cap bonuses and as
Germany gears up for national elections in September.
Jain has already agreed to waive part of his bonus for 2012,
mirroring a trend among high-profile executives to forego
payments in an attempt to mute public criticism of the banking
industry, which is being blamed for causing the economic crisis.
Deutsche Bank said last month it had docked pay after a hike
in legal provisions prompted it to adjust its 2012 earnings
For 2012, co-chief executives Juergen Fitschen and Jain were
each awarded 4.9 million euros, while for 2011 Jain received 9.8
million and Fitschen 4.2 million in variable and fixed pay and
Deutsche's move to show it has a grip on pay mirrors a trend
seen elsewhere in Germany. Volkswagen Chief Executive
Martin Winterkorn will be paid a total of 14.5 million euros for
2012 in fixed salary, bonuses and incentives, compared with 17.5
million a year earlier.
In February, Germany's second largest lender Commerzbank
said Chief Executive Martin Blessing is to waive his
700,000 euro bonus for 2012, as he warned investors not to
expect a dividend from the company.
Politicians and regulators across the globe have forced an
overhaul of bank pay in an attempt to discourage short-term
risk-taking, mainly by deferring payouts and by introducing
In the wake of the financial crisis, massive central bank
intervention into markets has helped boost bank earnings, in
part thanks to measures including looser collateral rules and
fiscal stimulus efforts.