Despite the ongoing criticism concerning the barely credible incomes in the banking sector, Deutsche Bank decided to multiply the wage of its CEO by six. This brings it to 9.55 million Euros on an annual basis. Because of this measure he has become the best paid Chief Executive Officer in Germany.
First of all, Deutsche Bank is clearly not having any problems with the media storm regarding the immoral remuneration in the financial sector. Because of renewed profitability in 2009, the company is renewing its mistakes of the past. Josef Ackermann, CEO of Deutsche Bank, is not the only one within the company who benefits from the profitability I mentioned earlier. Altogether the board of directors, which consists of eight members, received a sum of 38.98 million Euros. In comparison to 2008, this year the total earnings were multiplied by eight.
On the other hand, I must say that 70 percent of the actual wage is linked to the results of the bank and will therefore be rewarded later on. There are even worse cases of immoral earnings, namely Anshu Jain, head of the business bank. In a period of 9 months he earned a total of 7.8 million Euros. On a yearly basis we can conclude that this person, who joined the same Deutsche Bank management team in April 2009, earned even more than Josef Ackermann, who is retiring in May. He has no problem with that remuneration whatsoever. I cite: “Who wants to be part of the best, needs to hire the very best. That’s why you need to pay what the market demands.”
I think it’s quite far-fetched to read this kind of stories. It’s funny how people live the moment and easily forget the bigger story. There is so much poverty and misery in the world, yet still some people on this planet find it necessary to receive such amounts of money. It’s hard to understand that people who haven’t even founded the company, taken the risks or invested in it, dig up these kind of wages.
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