Deutsche Bank cuts bosses' pay

Piggy Bank

Deutsche Bank cut co-CEOs Anshu Jain and Juergen Fitschen’s compensation 11% for 2014 after the stock was the worst performer last year among global banks.

Bloomberg News reports that Jain, 52, and Fitschen, 66, were each awarded $7.2m of compensation for last year, the company said in a statement.

Their fixed salaries last year rose about 65% to $4.1m, while variable compensation fell 45% to $3.1m.

Deutsche Bank fell 24% last year, the most among the top nine global investment banks. While it has outperformed all those competitors with a 27% surge this year, it still trades at the lowest price to tangible book value of the group. That indicates that it’s worth less than investors would expect to receive if the firm liquidated its assets.

To access the complete Bloomberg News article hit the link below:

Deutsche Bank Cuts Jain, Fitschen Compensation 11% in 2014

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