Deutsche Bank's top bankers' extravagant report card
What does it look like when you're a high performing team? Not just a slightly high performing team, but a team of stonking over-achievers deserving of €6m-€8m in total compensation, plus cars and drivers and probable personal protection officers?
Deutsche Bank's new annual report is a lesson in what life is like in a bank where everyone is special. Or at least where everyone in the top team is. Below is the report card for its senior executives:
What led to these feats of excellence? Christian Sewing's 125% score was attributed partly to his fulfillment of financial targets (the desired leverage ratio was met, the direct adjusted cost base for the group was above target even if the directed adjusted cost base for the non-group was not 🤔) and partly to his cultural achievements. People like working for Deutsche Bank now (77% of them said so); there haven't been any red flags; the media is writing nice things about DB compared to horrible things in the past; there are more women around; there's more of a focus on ESG, etc.
When you're all operating at peak potential like this, pleasant things happen. You get paid. As the chart below shows, most people on Deutsche Bank's management board received 99% of their total compensation lat year. Poor old Christiana Riley in America received a mere 95%, althought it's not really clear why. Presumably, her top performance wasn't quite as toppy as many of her male colleagues'.
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