John Cryan, then CEO of Deutsche Bank, on February 2, 2018 in the German city of Frankfurt
Former Deutsche Bank delegate John Cryan, dismissed last Sunday, will charge a new million euros in compensation, according to the internal rules of Germany’s main bank.
The compensation foreseen for a member of the board of directors that ends his term prematurely and without „serious reasons“ is usually two years of salary based on his remuneration from the previous year, indicates the bank’s annual report for 2017.
Last year Cryan earned 3.4 million euros, so he should collect about 6.8 million in salaries at his departure.
On the other hand the bank of Frankfurt had booked 1.9 million euros in 2017 for the pension of its CEO, according to the same document.
Deutsche Bank declined to comment on this issue.
The mandate of Cryan, of British nationality, was to end in 2020 but will leave the bank this April, after Christian Sewing, 47, took office on Monday.
The chairman of the supervisory board of Deutsche Bank, Paul Achleitner, justified the dismissal of Cryan for the „slowness“ in the decisions to clean up the accounts of the entity, in statements to the Frankfurter Allgemeine Zeitung newspaper.