The Deutsche Bank AG flag flutters in front of the company’s office on Wall Street in New York.
Mark Kauzlarich Bloomberg | Getty Images
Deutsche Bank paid CEO Christian Sewing € 7.4 million ($ 8.8 million) in 2020, an increase of 46% over the previous year as the bank made a profit after years of losses.
Bank-wide bonuses rose 29%, with the bank rewarding staff for a boom in pandemic-related trade.
The revelation in the bank’s annual report on Friday came after Deutsche said revenues would be “slightly lower” this year.
Last year marked an important milestone for Sewing, which took office in 2018 to reverse Deutsche after embarrassing and costly regulatory failures, including 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, compared to a loss of € 5.7 billion in 2019. Earnings growth from investment banking was offset by a weaker performance in other businesses.
The increase of the so-called bonus fund to 1.9 billion euros brings it to approximately the same level as in 2018 after the fall last year.
Deutsche handed out bonuses while call center workers went on strike over demands for higher wages. According to the union, some of these workers also earn 12 euros an hour.