German lender Deutsche Bank said co-chief executive designate Anshu Jain earned €5.8 million in 2011, down a quarter and less than the €6.3 million awarded to his boss Josef Ackermann.
Mr Jain is set to take over as co-CEO alongside Juergen Fitschen, who saw a slight decline in his pay to €2.9 million, when Mr Ackermann steps down in May.
Altogether, in 2011, the eight executives who served on Deutsche's management board - including Michael Cohrs who left in September - took home €26.4 million, down nearly a fifth and reflecting a slowdown in profitability for the industry. The board normally has seven members.
While base salaries amounted to €8.6 million, down from €9.4 million in 2010, share-based long-term incentives rose to €15.1 million from €12.3 million.
Earlier this month, British bank Barclays said CEO Bob Diamond took home pay, shares and benefits worth £17 million.
The awards come when banks are under fire for failing to show restraint on pay for executives and top staff when thousands of jobs are being cut and wages slashed or put on hold after a recession many blamed on the banks.
Deutsche Bank top managers' earnings lagged those of executives at big industrials groups.
Volkswagen CEO Martin Winterkorn's pay nearly doubled last year as Europe's biggest car maker posted record profits and deliveries.
Mr Winterkorn's package nearly doubled to €17.5 million in fixed salary, bonuses and profit incentives - more than any other chief executive among Germany's top 30 companies listed on the DAX index.
Daimler CEO Dieter Zetsche took home €8.65 million last year including bonus payments and stock options.
Reuters
