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REFILE-UPDATE 1-Deutsche Bank's Jain saw 2011 pay drop 23 pct
March 20, 2012 / 8:53 AM / 6 years ago

REFILE-UPDATE 1-Deutsche Bank's Jain saw 2011 pay drop 23 pct

(Refiles to correct date to March 20, from March 19)

* Co-CEO designate Jain’s salary dropped to 5.8 mln euros

* CEO Ackermann pay flat at 6.3 mln euros

* Total board remuneration down 18 pct

By Arno Schuetze and Edward Taylor

FRANKFURT, March 20 (Reuters) - German lender Deutsche Bank said co-chief executive designate Anshu Jain earned 5.8 million euros ($7.7 million) in 2011, down a quarter and less than the 6.3 million awarded to his boss Josef Ackermann.

Jain is set to take over as co-CEO alongside Juergen Fitschen, who saw a slight decline in his pay to 2.9 million euros, when Ackermann steps down in May.

Altogether, in 2011, the eight executives who served on Deutsche’s management board - including Michael Cohrs who left in September - took home 26.4 million euros, down nearly a fifth and reflecting a slowdown in profitability for the industry. The board normally has seven members.

While base salaries amounted to 8.6 million euros, down from 9.4 million in 2010, share-based long-term incentives rose to 15.1 million from 12.3 million.

Earlier this month, British bank Barclays said CEO Bob Diamond took home pay, shares and benefits worth 17 million pounds ($27 million).

The awards come when banks are under fire for failing to show restraint on pay for executives and top staff when thousands of jobs are being cut and wages slashed or put on hold after a recession many blamed on the banks.

Deutsche Bank top managers’ earnings lagged those of executives at big industrials groups.

Volkswagen CEO Martin Winterkorn’s pay nearly doubled last year as Europe’s biggest car maker posted record profits and deliveries.

Winterkorn’s package nearly doubled to 17.5 million euros in fixed salary, bonuses and profit incentives - more than any other chief executive among Germany’s top 30 companies listed on the DAX index.

Daimler CEO Dieter Zetsche took home 8.65 million euros last year including bonus payments and stock options. ($1 = 0.7552 euro = 0.6292 pound) (Editing by Dan Lalor)

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