Deutsche Bank, Germany’s largest bank, said today that total
compensation for its management board in the 2012 financial years fell to €26.3
million ($34.4 million) from €40.2 million a year earlier, as the bank
recounted its moves to restructure in the face of mounting regulatory and other
costs.

The Frankfurt-listed bank said in its annual report that
€9.6 million of the compensation was for base salaries, €15.5 million for
performance-related elements with long-term incentives, and €1.3 million for
performance-related components without a long-term incentive.

The bank, meanwhile, warned about the dangers of
international rules that challenge the universal banking model – to which
Deutsche said it is committed – and which it said work against European banks.

“We are convinced this model serves our clients most
effectively, offering them an integrated range of products wherever in the
world they need us,” according to a letter to shareholders from Juergen
Fitschen and Anshu Jain, co-chairmen of the management board and group
executive committee.

The bank has recently completed the formal set-up of a
“non-core operations unit” and taken moves to bolster its overall capital
strength. In March, meanwhile, the bank said mortgage-related litigation in the
US
led to a €600 million ($776 million) increase in the amount of provisions for
such action to €2.4 billion, also hitting its net income, as it adjusted
figures for its 2012 results under international financial reporting rules. The
rise in litigation provisions cut the previously announced income before income
taxes by €600 million to €800 million, and net income by €400 million to €300
million.

Previously, Deutsche Bank said it aims for its newly
integrated asset and wealth management division to increase assets under
management to around €1 trillion (around $1.28 trillion) by 2015.