FRANKFURT (Reuters) - Investment bankers at Deutsche Bank (DBKGn.DE) were awarded an average 170,627 euros ($220,000) in compensation for 2012, compared with a 103,757 euros average for all its employees.
Total compensation fell 2.5 percent across the bank’s 98,219 employees year-on-year. Deutsche Bank said last month it had docked pay after a hike in legal provisions prompted it to adjust its 2012 earnings downward.
Investment bankers took 48 percent of the total 10.19 billion euros awarded. Staff at Deutsche’s Corporate Banking and Securities division got a total 4.89 billion euros in fixed and variable pay, the bank’s annual report showed on Monday.
That far outpaced the 2.69 billion awarded to retail bankers, and the 1.42 billion euros paid to staff at the asset and wealth management division.
While fixed pay rose 1.9 percent overall, to 7.03 billion euros, variable compensation fell 11 percent.
The report shows Anshu Jain, who headed the investment bank until June last year before sharing the role, waived his contractual entitlement to payment of a special “division incentive” which the bank did not specify.
For 2012, co-chief executives Juergen Fitschen and Jain were each awarded 4,878,638 euros. For 2011, Jain received 9.8 million euros and Fitschen 4.2 million euros in variable and fixed pay and long-term incentives.
The annual report shows fixed salaries for Jain and Fitschen were raised to 2.3 million euros each on June 1, 2012. Before then, the chief executive’s annual base salary was 1.65 million euros.
The management board as a whole received 23.68 million euros in compensation for financial year 2012.
($1 = 0.7635 euros)
Reporting By Edward Taylor; Editing by Ruth Pitchford