by Wall Street Job Report on April 17, 2012
Europe’s top banks have all now published their annual reports for 2011, revealing that, despite pay declining on the whole, there was no shortage of multi-million dollar packages. Financial News picks out the best-paid bankers at European banks last year.
Mike Rees, head of wholesale banking, Standard Chartered – $13.3m Standard Chartered made its head of wholesale banking chief Mike Rees its highest-paid executive in 2011. The bank’s annual report showed that Rees was paid a base salary of $1.1m, an upfront cash and share bonus of $4m, a deferred share award of $6m and a ‘performance share’ allocation worth a potential $2.2m. The report added that Rees had managed “a good performance in challenging market conditions” last year.
Josef Ackermann, chief executive, Deutsche Bank – $12.2m Deutsche Bank made its chief executive the highest-paid in Europe for 2011, awarding Josef Ackermann a total of €9.4m. Ackermann was handed a base salary of €1.65m, a cash and share bonus available in 2012 of €205,000 and deferred cash and share bonus of €7.5m, according to the bank’s annual report.
Samir Assaf, head of global banking and markets, HSBC – $11.4m (CORRECTION: An earlier version of this story put Assaf’s pay at $12.3m. This was due to a mathematical error and has been corrected). HSBC disclosed in its annual report that it paid an unnamed senior executive, not on its board of directors, a total of $11.4m in salary and bonuses. The executive received a £650,000 salary, an annual share bonus of £4.5m and a long-term incentive plan worth £1.95m. Linking the shares awarded to this person with stock market filings reveals the executive to be Samir Assaf, HSBC’s head of investment banking. HSBC declined to confirm whether its top-paid executive was Assaf.
See the rest of the best-paid bankers in Europe at eFinancialNews: