ZURICH (Reuters) – Deutsche Bank paid chief executive Christian Sewing 8.9 million euros in 2022, a slight increase from the previous year’s 8.8 million euro pay, announced the first German bank on Friday.

The amount of premiums for the entire bank amounted to 2.1 billion euros, an amount practically unchanged compared to the previous year.

The compensation comes as Deutsche Bank had its most profitable year since 2007.

Christian Sewing led within the banking establishment, one of the most important on the systemic level, a restructuring plan of 9 billion euros over four years, after years of losses.

The bank also announced that it expects a slight increase in its turnover in 2023, which should be between 28 and 29 billion euros, after 27.21 billion euros the previous year. For its investment banking division, it anticipates stable turnover.

Deutsche Bank highlighted risks to its outlook, including the economy, the war in Ukraine, tensions between the United States and China, and inflation.

(Report Tom Sims and Marta Orosz; Lina Golovnya, edited by Blandine Hénault and Kate Entringer)

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