* Jain’s pay to eclipse that of his boss this year -source
* Investment bank still the main driver of earnings
FRANKFURT, March 17 (Reuters) - Deutsche Bank (DBKGn.DE) investment bank co-chief Anshu Jain’s compensation is set to eclipse Chief Executive Josef Ackermann’s pay in 2010, sources familiar with the matter said on Wednesday.
Among the 2009 salaries by members of the management board disclosed by the bank on Tuesday, 62-year-old Ackermann had the highest. [ID:nLDE62E2E2]
But London-based Jain, a 47-year-old sales and trading specialist, is poised to be the greatest beneficiary from any earnings rise this year at Germany’s flagship bank, sources familiar with the matter said on Wednesday.
“Top bonus candidate is definitely Jain,” a person familiar with the matter said. A high bonus will likely push Jain’s compensation ahead of Ackermann, who earned 9.55 million euros ($13.17 million) in 2009.
Of Jain’s 7.79 million euros in compensation disclosed on Tuesday, only 652,697 euros was awarded in base salary and other benefits. The rest of his pay was linked to performance or deferred, Deutsche’s compensation report shows.
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.
He has expanded the bank’s investment bank, centred in London, by bringing in flocks of maths and physics experts — dubbed “Anshu’s Army” — from across the globe.
Jain and investment-banking co-head Michael Cohrs, the 53-year-old head of global banking, were the only board members to receive a special “division related” compensation component, the bank said in its 2009 annual report.
The investment bank contributed the lion’s share of earnings in 2009 and is expected to remain the top driver of earnings.
Deutsche hopes to boost earnings by benefiting from an expansion into growth markets, such as Asia, and from its ability to win market share in the fallout from the financial crisis that has left many competitors weakened.
Jain, head of global markets, may have already taken home more pay than Ackermann in 2009. That’s because he was only required to disclose nine months worth of earnings, from April 1, when he joined Deutsche Bank’s management board.
Excluded from disclosure was Jain’s remuneration for the first quarter, traditionally the strongest for earnings.
Deutsche Bank declined to specify how much Jain and Cohrs, who also joined the management board in April 2009, earned in the first quarter of 2009.
It is not unusual for star bankers to earn more than the CEO, but this does not need to be disclosed in Germany unless the bankers are members of the management board. (Reporting by Philipp Halstrick and Edward Taylor; additional reporting by Jason Rhodes in Zurich; Editing by Louise Heavens)