Cyprus Mail
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BoC enlists heavyweight banker Ackermann for “peanuts”

Josef Ackermann

By Stelios Orphanides

At his last banking job at the Deutsche Bank, which he quit in May 2012, Josef Ackermann earned around 6.3 million euros in 2011 and 2.4 million euros in 2012.

This amount included a non-performance related annual salary of 1.65 million euros as well as additional bonuses in cash and equity, according to Deutsche Bank’s 2012 annual report.

Now, as chairman of Bank of Cyprus, the Swiss banker, will earn as little as 68,000 euros a year, as much as his predecessor Christis Hassapis earned, according to a statement on the Cypriot lender’s website.

Bank of Cyprus shareholders decided yesterday to maintain the remuneration of board members at the same level as last year.

“Peanuts,” commented the German financial newspaper Handelsblatt in a related story today.

“As chief supervisor, Josef Ackermann has to bring Bank of Cyprus back on track. The former Deutschbanker will therefore have to deal with the consequences of the haircut. Remuneration is modest, while the challenge big,” Handelsblatt said.

Vice chairmen Wilbur Ross and Vladimir Strzhalkovskiy will earn 51,000 euros a year each.

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