Deutsche Bank CEO 2020 pay up 46% as bank turns profit

The logo of Deutsche Bank is pictured on a company's office in London, Britain

Deutsche Bank paid chief executive Christian Sewing 7.4 million euros ($8.8 million) in 2020, a 46% increase from a year earlier, as the bank eked out a profit after years of losses.

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

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

2020 marked an important milestone for Sewing, who was installed in 2018 to turn Deutsche around after a series of embarrassing and costly regulatory failings, including over money laundering. The bank has lost 8.2 billion euros over the last 10 years.

Was it worth reading? Let us know.