Former bosses see big payday from Deutsche Bank

Former board members including ex-chief executive John Cryan enjoyed a fat payday from Germany’s biggest lender Deutsche Bank in 2018 despite leaving under a cloud, the firm’s annual report showed Friday.

The booted-out bosses raked in a total of almost 24 million euros ($27.1 million) from their former employer.

Cryan, the crisis firefighter who ran the troubled bank from May 2015 to April 2018, grabbed a golden parachute of 8.7 million euros after leaving the lender in the red for three successive years.

Deutsche also paid him 2.2 million euros of compensation for a time-limited clause in his contract blocking him from working for a competitor, as well as 1.9 million for just over three months of work during the year.

Another former board member, Nicolas Moreau, took home almost eight million after leaving over weak performance at asset management arm DWS.

And former IT chief Kim Hammonds — who reportedly labelled the Frankfurt firm “the most dysfunctional company” she had ever worked at — received almost five million.

Meanwhile present chief executive Christian Sewing was paid seven million euros last year, up from 2.9 million base salary in 2017 — a year when the whole board received no annual bonus.

And investment banking chief Garth Ritchie enjoyed a Brexit windfall, receiving a three-million-euro per year “functional allowance” for “additional responsibility in connection with the implications of Brexit” — effectively doubling his annual pay.

Ritchie’s swollen payslip for dealing with the fallout from Britain’s departure from the EU is set to last until at least November 2020, Deutsche said.

jpl/tgb/hmn/rl