FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) is considering raising the fixed pay of its management board members by more than a third in response to new EU regulations, a German paper reported on Thursday.
The fixed pay of each board member could rise by several hundred thousand euros, Die Welt reported, citing sources close to the company. For co-CEOs Anshu Jain and Juergen Fitschen, the increase could be close to 1 million euros ($1.4 million), the paper added.
The bank would then reduce the bonuses, so that overall they wouldn’t earn more than before, although this would make it hard for pay to be cut in tougher years, Die Welt said.
Under a new EU rule, which will apply to awards handed out from early 2015, a banker’s bonus can be no higher than fixed pay, or twice that level with shareholder approval.
Deutsche Bank was not immediately available for comment on Thursday. The paper said a spokesman had declined to comment for the article.
($1 = 0.7234 Euros)
Reporting by Victoria Bryan; Editing by Himani Sarkar