Deutsche Bank today posted its Annual Report for 2022, with the document revealing details about the compensation of the bank’s employees.

Total compensation awarded to Deutsche Bank employees in respect of 2022 was €10.2 billion, up 3% compared to €9.9 billion in 2021.

Fixed pay was €7.7 billion, up 4% year on year. Deutsche Bank said the increase in pay reflected higher levels of inflation during the year and a 2.4% rise in Group headcount during 2022 due to business growth, the internalization of external staff and investments in the technology and control functions.

Variable compensation was €2.1 billion, essentially unchanged year on year. This development reflected the recognition of successful transformation efforts and business performance, counterbalanced by due consideration of uncertainties in the outlook for the global economy together with prudent capital planning.

The Management Board, comprising ten members on a full-year equivalent basis, received total compensation for 2022 of €67.7 million, up 5% compared to 2021.

Deutsche Bank explains that Management Board’s compensation is set by the Supervisory Board and reflects 2022’s strong financial performance and attainment of strategic objectives, including delivery on the goals and financial targets of the bank’s transformation agenda and ESG-related objectives. Variable compensation for Management Board members includes both short-term and long-term awards with payouts deferred over several years.