Pay for all of Deutsche Bank’s executives will be capped at the same limit this year. But a new disclosure shows corporate and investment bank head Jeff Urwin may be worth more compensation than co-Chief Executive Officer John Cryan.
Bloomberg News reports that Urwin’s theoretical “maximum” pay under the bank’s formula is $15m, higher than Cryan’s $14.2m by the same measure, the bank said in a statement Thursday. Neither will actually receive those amounts, as compensation for management board members is capped at $11.2m for 2016.
Cryan, who took over in July from Anshu Jain, is shrinking the trading empire built by his predecessor to focus on businesses which consume less capital as the bank pays fines for past misconduct. Urwin, hired last year from JPMorgan, is central to the bank’s overhaul as he expands its advisory and underwriting arm and leads a review of how the bank takes on clients to improve controls.
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