Deutsche Bank bonuses down 9% in the investment bank; Fabrizio Campelli is fine
Deutsche Bank has just published its annual report for 2023, along with the details of the bonus pool in its investment bank, the pay for its material risk takers (mostly managing directors) and the compensation for Fabrizio Campelli, who runs the corporate and investment bank.
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There are some points of commonality. And there are some anomalies.
Across Deutsche’s investment bank as a whole, the bonus pool for 2023 was down nearly 9% on 2022. Average compensation per head fell from €294k to €277k as a result. This was the lowest it’s been since 2020.
Pay for Deutsche’s 620 material risk takers also fell to a three-year low of €1.6m in total compensation (salary plus bonus). The bonus pool for Deutsche’s material risk takers rose 4%, in line with growth in the number of material risk takers themselves following the hiring spree embarked upon by the head of the corporate and investment bank, Fabrizio Campelli.
Most people at Deutsche’s investment bank therefore had their pay squeezed last year. There have been complaints about the absence of salary rises in line with inflation. However, Campelli himself escaped the pain. Today’s report reveals that his salary was hiked 30% last year, to €3.3m. Campelli’s total compensation for 2023, which includes deferred bonuses awarded in previous years, went from €2.7m to €3.9m…
Deutsche Bank said it increased Campelli’s pay after discovering that he was paid less than senior managers at other investment banks. Employees who feel irked might want to distract themselves with the thought that Garth Ritchie and John Cryan, the former head of the investment bank and CEO are both still benefitting from their time there. Ritche earned €268k for 2023; Cryan got €3.3m.
Across Deutsche Bank as a whole, the number of people earning over €1m fell to 505. This was the lowest level since 2018. However, 20 people earned over €6m, compared to just 11 five years ago.
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