Deutsche’s Ackermann pockets €10 mln for 2009

Deutsche's Ackermann pockets €10 mln for 2009
Photo: DPA
Deutsche Bank announced on Tuesday the 2009 compensation package for CEO Josef Ackermann was nearly €10 million ($14 million), but 70 percent of this would depend on future performance.

Ackermann took home a base payment of €1.3 million plus an immediate bonus of €1.6 million. Further bonuses totalling €6.8 million were deferred, said the annual report of the bank, Germany’s top lender.

The report said the deferred bonuses “have a long-term incentive effect and are subject to forfeiture. Forfeiture will take place in defined cases, for example, in the event of non-achievement of defined parameters.”

At the height of the financial crisis in 2008, Ackermann gave up his bonus. The bank bounced back from a loss of €3.9 billion in 2008 to report a net profit last year of €5 billion.

The eight-man Deutsche Bank board was paid a total of €39 million in 2009, a sharp rise from the €4.5 million they received as a group last year. In 2007, Ackermann was the best paid boss in Germany, Europe’s largest economy, with a total pay package of €14 million.

In the wake of the financial crisis, which saw several banks bailed out by governments around the world, the G20 group of 20 leading economies issued

recommendations on curbing bankers’ bonuses.

Deutsche Bank said its remuneration policy was “fully taking into account” these G20 guidelines.

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