The bonus pot for employees also fell by six percent to two billion euros. picture alliance/dpa | Rolf Vennenbernd
The remuneration of the Deutsche Bank board of directors for 2023 falls to 64.6 million euros due to a decline in profits and the chaos at Postbank. The supervisory board cut short-term variable compensation for almost all board members, especially for ex-vice CEO Karl von Rohr. The total compensation of employees in the Deutsche Bank Group rose by one percent to 10.3 billion euros, while the bonus pot shrank by six percent to two billion euros.
Deutsche Bank’s board of directors will receive fewer bonuses for the 2023 financial year. The reason is a decline in profits and the chaos at the Postbank subsidiary. This reduces the remuneration of the eleven-member board of directors under the leadership of CEO Christian Sewing. Including bonuses, the board received a total of around 64.6 million euros. In the previous year it was around 64.9 million euros. The company announced this on Thursday when it presented its annual report.
Because of the difficulties at Postbank, the Supervisory Board has reduced the short-term variable remuneration of almost all Executive Board members. Karl von Rohr, who was responsible for private customer business as deputy chairman of the board at the time and has since left the bank, was particularly affected. He had more than half of his short-term bonus cut. Rohrs’ total remuneration was a good 5.3 million euros, well below the around 7.3 million euros in the previous year. It should be noted that the manager will work for Deutsche Bank until the end of October 2023.
As part of an IT change at Postbank, there were an increasing number of customer complaints as some were temporarily unable to access their accounts and there were delays in building financing. The financial regulator Bafin responded by sending a special supervisor to monitor the bank. Despite CEO Sewing promising a solution to all problems by the end of 2023 in the fall, not all difficulties could be resolved.
Read too
“Profound disruptions in customer service”: Bafin boss is critical of problems at Postbank and does not rule out a penalty
Sewing’s total remuneration amounted to a good 8.7 million euros in the 2023 financial year, which was also below the previous year’s figure of a good 8.9 million euros. The total remuneration of CFO and deputy CEO James von Moltke, however, rose significantly from around 7.1 million euros to a good 7.6 million euros. Part of these amounts will be paid out with a delay and depending on the business success.
The total compensation of employees in the Deutsche Bank Group rose by one percent to 10.3 billion euros within a year, as the bank employed more people than in the previous year. The bonus pot for employees, however, fell by six percent to two billion euros.
Despite the highest pre-tax profit in 16 years of almost 5.7 billion euros, Deutsche Bank recorded a decline in profit after tax: the profit attributable to shareholders fell by around 16 percent to 4.2 billion euros.
AA/dpa