Deutsche Bank posts 113m euro income, pays CEO 7.4m euros

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(The Standard)

Deutsche Bank paid Chief Executive Christian Sewing 7.4 million euros (US$8.8 million) in 2020, a 46 percent increase from a year earlier, as the bank eked out a profit after years of losses, Reuters reports.

Bonuses for the entire bank were up by 29 percent, with the bank rewarding staff for a pandemic-related trading boom.

The disclosure in the bank’s annual report on Friday came as Deutsche said revenues would be “marginally lower” this year.

Last year marked an important milestone for Sewing, who took up his post in 2018 to turn Deutsche around after embarrassing and costly regulatory failings, including over money laundering.The Standard Channel

The bank has lost 8.2 billion euros over the last 10 years.

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