German lender Deutsche Bank said co-chief executive designate Anshu Jain earned €5.8 million in 2011, which was down by a quarter, and less than the €6.3 million awarded to his boss Josef Ackermann.

Mr Jain is set to take over as co-chief executive with Juergen Fitschen, who saw a decline in his pay to €2.9 million, when Mr Ackermann steps down in May. The eight executives who served on Deutsche’s management board – including Michael Cohrs, who left in September – last year took home €26.4 million, down nearly a fifth and reflecting a slowdown in profitability for the industry. – (Reuters)