Deutsche Bank Chief Executive Josef Ackermann took home €9.55 million (Dh47.74m) in total compensation for 2009, the fattest paycheck for 2009 among Germany's blue-chip companies so far.
The lion's share of Ackermann's paycheque was given in deferred pay and tops the remuneration of Anshu Jain, head of global markets at Germany's flagship lender, who earned €7.79m in 2009, the company said yesterday.
Jain and investment bank co-head Michael Cohrs, who earned €3.22m in 2009, were forced to disclose their pay for the first time since they joined Deutsche in 1995.
Cohrs and Jain were elevated to Deutsche's management board on April 1, 2009, requiring disclosure of their pay. Ackermann's pay tops the €9.2m received by Germany's hitherto top earner, RWE Chief Executive Juergen Grossmann.
Compensation for Deutsche's eight-member management board totalled almost €39m, up from€ 4.5m in crisis-ridden 2008, Deutsche said in its annual report.
The scale of payouts for bankers will raise eyebrows on main street, which is still reeling from the credit crisis.
Earnings at Deutsche Bank were driven by performance at the corporate and investment bank, which generated €4.3 billion, or 83 per cent, of Deutsche's €5.2bn pretax income in 2009.
In 2008, the corporate and investment bank made a €7.4bn pretax loss and the group made a €5.7bn loss.