Deutsche Bank board given first bonuses in four years

Top management received €55.7 million ($63.39m) in 2018, up from €29.8m a year earlier

Christian Sewing, CEO of Deutsche Bank. Reuters

Deutsche Bank's management board members were handed their first bonuses in four years, while chief executive Christian Sewing was paid €7 million for last year, according to the bank's annual report on Friday.

Deutsche's disclosures on its bosses' pay come as the bank holds talks with rival Commerzbank about a proposed merger, which unions have said could result in big job cuts. Sewing, who took on the role last April, led the bank to its first profit in four years and is heading the merger talks with Commerzbank. Mr Sewing had earned €2.9 million for 2017 before he was chief executive.

Mr Sewing's 2018 pay was higher than the chief executives of several other major European investment banks, including HSBC's chief executive John Flint and Barclays boss Jes Staley.

But Mr Sewing received less than Credit Suisse chief executiveTidjane Thiam, who got 12.65 million Swiss francs ($12.74m), making him among the top earners in the European banking sector.

Deutsche's management board received total pay, including bonuses, of €55.7 million ($63.39m) in 2018, up from €29.8m a year earlier, the annual report said.

Deutsche's overall bonus pool for 2018 was €1.9 billion, down 14 per cent from €2.3bn a year earlier. The decline is partly due to a reduction in headcount, the bank said.

Litigation costs are also expected to be "significantly higher" in 2019 than in 2018, the bank also said in the report.