“By WILLIAM LAUNDER FRANKFURT—Deutsche Bank AG paid its management-board members nearly nine times as much in 2009 as during the depths of the financial crisis a year earlier. Total pay, including salaries and bonuses for the eight board members, reached €38.98 million ($53.3 million) in 2009, compared with €4.48 million in 2008. View Full Image Agence France-Presse/Getty Images Josef Ackermann, CEO of Deutsche Bank, in Berlin last year. As the lender's fortunes have improved, so have those of its top employees. The increased pay for the management board reflects Deutsche Bank's return to profitability as well as its decision last year to double the size of its management board to eight members. Germany's largest listed bank earned €5 billion in net profit for 2009, compared with a loss of €3.9 billion in 2008. The board's top earner was Chief Executive Josef Ackermann, who made €9.55 million, or more than $13 million, for the year, much of it in performance-related pay. He didn't receive a bonus in 2008, when he earned €1.4 million. Anshu Jain, head of global markets, earned €7.79 million for 2009, while Michael Cohrs, head of global banking, was paid €3.22 million. Chief Financial Officer Stefan Krause earned just more than €4 million for the year. Two other board members also earned more than €4 million. The bulk of all executive rewards was allotted as deferred compensation to be paid out over several years, the bank said Tuesday. Mr. Ackermann has defended high compensation as an important means of attracting and retaining talent in the banking industry. Mr. Ackermann's paycheck mirrors that of other top global bank executives and German corporate heads. Goldman Sachs Group CEO Lloyd Blankfein earned $9.6 million for 2009, which is still less than some other U.S. bank heads earned for the period. Jürgen Grossmann, head of German energy company RWE AG, earned about €9.2 million for the year. UBS AG said Monday that it paid more than 100 million Swiss francs, or more than $94 million, in salaries and bonuses to its top executives last year, about 10 times more than for 2008, when the bank received billions of francs in government aid. Its highest-paid earner for 2009 was Carsten Kengeter, co-CEO of its investment bank and a member of the executive board since April 2009. He received about 13.1 million francs, or about $12.3 million, in cash and stock. But CEOs at some banks, such as Barclays PLC and Société Générale, have said they are waiving their bonus payments for 2009. Deutsche Bank also said it would boost management board members' fixed pay in the future to account for adjustments in the way it pays bonuses following the global financial crisis. The bank has revised the way it compensates employees following new regulatory guidelines on banker pay and public concern that the financial crisis was worsened by bankers taking excessive risks to boost personal gains. Deutsche Bank didn't receive any government aid during the crisis. The lender published the executive remuneration in its annual report. The bank also reiterated that it expects to earn a pretax profit of €10 billion by 2011. For 2010, the bank sees "robust" trading volumes, although margins are seen falling from their 2009 highs. Growth in lending businesses looks limited industrywide, the bank said. Potential regulation that would curb banks' proprietary trading activities isn't likely to impact the bank in 2010, Deutsche Bank said. Deutsche Bank said its stake in Deutsche Postbank AG, in which it has an option to acquire the majority, reached just under 30% at the end of 2009. Write to William Launder at william.launder@dowjones.com Copyright 2009 Dow Jones & Company, Inc. All Rights Reserved This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. 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