FRANKFURT: Deutsche Bank investment banking Chief Anshu Jain earned 12.00 million euros ($16.73 million) in 2010, eclipsing Chief Executive Josef Ackermann's pay, the lender said on Tuesday.
Jain's total remuneration topped the 8.99 million euros awarded to his boss, reflecting a rebound in business at his division, and also surpasses the 2010 pay of heads of peer German blue chip companies disclosed so far.
Volkswagen Chief Executive Martin Winterkorn, earned 9.3 million euros while Daimler Chief Executive Dieter Zetsche made 8.7 million euros.
It is not unusual for star bankers to earn more than the CEO, but this has only become clear since Jain was forced to disclose his pay after joining the management board in 2009.
Jain, a cricket fan who grew up in India, is a rising star at the bank and is considered to be a potential successor to Ackermann even though he is not a fluent German speaker.
At Swiss rival UBS, a similar pattern emerged. Investment bank Chief Executive Carsten Kengeter was the group's highest paid executive in 2010 for the second year running, but his total compensation was down on 2009 as the business struggled.
Separately, Deutsche Bank revealed exposure to euro zone periphery states of 12.1 billion euros, of which 6.9 billion was attributable to recently acquired Deutsche Post bank.
Risk positions tied to Greece totalled 1.6 billion euros, to Ireland 200 million euros, Italy 8.0 billion euros and to Spain 2.3 billion euros. Deutsche Bank said it did not have exposure to Portugal.
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