Deutsche Bank Exec Gets $3.4 Million Bonus From Brexit

(Bloomberg) -- Who says everyone loses in Brexit? For Deutsche Bank AG investment banker Garth Ritchie, it meant a bonus boost of $3.4 million for last year.

The executive saw his pay soar last year as he earned his first bonus since 2014 plus 250,000 euros ($282,000) a month for his work leading the bank’s Brexit preparations. His total compensation for last year climbed to 8.62 million euros from 3.25 million euros for 2017, according to the bank’s annual report published on Friday.

Ritchie took over as sole head of the investment bank last year amid a shake-up of the management board that also saw the appointment of Chief Executive Officer Christian Sewing. Ritchie was also promoted to co-deputy CEO together with the bank’s legal head, Karl von Rohr.

Profit at Ritchie’s unit, the corporate and investment bank, plunged by 48 percent last year as revenue dropped 8 percent. The division’s overall bonus pool fell to 1.03 billion euros from 1.34 billion euros, accounting for almost one third of the bank’s total decline in adjusted costs last year.

To contact the reporter on this story: Steven Arons in Frankfurt at sarons@bloomberg.net

To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Ross Larsen, Christian Baumgaertel

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