Anshu Jain’s pay down 23% at 6 mn euros

Anshu Jain has received a pay package of nearly 6 million euros (Rs 38 crore) in 2011.

India-born Anshu Jain,the co-chief executive designate of Deutsche Bank AG,has received a pay package of nearly 6 million euros (Rs 38 crore) in 2011,down by 23 per cent from that in the previous year.

Jain’s compensation for 2011 included a salary of 1.15 million euros,immediately paid out 100,00 euros,non-share based incentive 248,885 euros,equity upfront award 105,000 euros,share-based long-term incentive 4.2 million euros totalling 5.81 million euros,as per the Deutsche Bank’s annual report.

In 2010,Jain had received a total compensation of 7.55 million euros.

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Jain along side his designated co-CEO Juergen Fitschen,is set to take over the reins of Deutsche Bank from CEO Josef Ackermann at the end of May.

Besides,Ackermann’s remuneration was almost unchanged at 6.29 million euros last year,Fitschen took home 2.85 million euros last year compared with 2.99 million euros in 2010.

Overall in 2011,the eight executives on Deutsche’s board,including Michael Cohrs who left in September,received 26.4 million euros in salary and bonuses compared with 32.4 million euros in 2010.

The German bank’s pay package is far less than its counterpart in the US. Citigroup’s India-born CEO Vikram Pandit has received nearly USD 15 million (about Rs 75 crore) in compensation for 2011,including first cash bonus in about four years.

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Jain,48,head of Deutsche Bank’s highly successful investment banking division based in London,will take over the leadership of Germany’s largest bank together with his management board colleague,Fitschen,when Ackermann makes way for them one year ahead of his current term expiring in May 2013.

Fitschen,62,who manages Deutsche Bank’s domestic business,will serve in his new capacity for three years until 2015,while Jain has a five-year contract until March,2017.

This raises the possibility for Jain to take over as the sole head of the world’s fourth largest investment bank when Fitschen’s term expires.

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