Ex-top firm boss keeps chauffeured car as part of severance

'Ensuring the best split possible and avoid a lot of ‘noise’ around the move'.

Anshu Jain, who stepped down as Deutsche Bank co-chief executive officer at the end of June, received $2.5m of severance pay and can keep a chauffeured car at the company’s expense until he leads another firm.

Bloomberg News reports that the payout comprises “compensation payments for non-competition agreed in the employment contract,” Deutsche Bank said in a statement on Friday. The 53-year-old was also awarded a one-time insurance amount related to pension plan benefits of $1.66m.

“While this may look overly generous, it probably has made it easier for Deutsche Bank to deal with another distraction and get on with the monumental job of getting back on track,” said Christopher Wheeler, a London-based analyst at Atlantic Equities LLP. “It’s clear Deutsche Bank wanted to respect what he had achieved in ensuring the best split possible and avoid a lot of ‘noise’ around the move.”

Stefan Krause, the bank’s former chief financial officer, is getting a severance payment of $5.7m, Deutsche Bank said.

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

Jain Keeps Chauffeured Car, Office After Deutsche Bank Exit

Banks Lead Rebound in European Stocks, Trimming Weekly Decline

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News