Deutsche Bank head to earn nine million euros

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The head of Germany's biggest private bank, Deutsche Bank, is to receive nine million euros ($12.5 million) in remuneration for 2010, the bank's annual report showed on Tuesday.

Of that sum, Josef Ackermann is to be paid 2.7 million euros directly, with the rest consisting of bonuses and stock options to be paid in 2012 based on the bank's earnings, the document said.

For 2009, Ackerman received around 9.5 million euros, part of which was only paid out last month.

Meanwhile, the head of Deutsche Bank's lucrative investment bank unit, Anshu Jain, is set to earn around 12 million euros for the 2010 exercise.

Jain, who is from India, has been tipped as a possible successor to Ackermann when he steps down, in 2013 at the latest.

Deutsche Bank also reiterated Tuesday its 2011 operating profit target of 10 billion euros from core investment and asset management activities.

© 2011 AFP

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