Sewing's 2020 pay up as bank turns profit

[FRANKFURT] Deutsche Bank paid chief executive Christian Sewing 7.4 million euros (S$11.9 million) in 2020, a 46 per cent increase from a year earlier, as the bank eked out a profit after years of losses.

Bonuses for the entire bank were up 29 per cent, 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 Mr Sewing, who took up his post in 2018 to turn Deutsche around after embarrassing and costly regulatory failings, including over money laundering.

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

Deutsche's net profit attributable to shareholders for 2020 was 113 million euros, compared with a 2019 loss of 5.7 billion euros in 2019. A surge in investment banking earnings offset a weaker showing in its other businesses.

The rise in the so-called bonus pool to 1.9 billion euros brings it to about the same level as 2018 after a dip last year.

Deutsche handed out bonuses as workers at call centres strike over demands for higher wages. Some of those workers earn as little as 12 euros an hour, according to union officials.

REUTERS