NEW YORK -- Bankers Trust Corp.'s top five executives will receive $164.5 million over three years after the eighth-largest U.S. bank is bought by Deutsche Bank AG to form the world's largest financial services firm.
The biggest check will go to Chairman and Chief Executive Officer Frank Newman, 56. He will receive $14 million over three years, an annual bonus of at least $10.1 million, and at least $900,000 in salary, for a total of at least $47 million, the bank said in a filing with the U.S. Securities and Exchange Commission.
Mayo A. Shattuck, 44, and Yves C. de Balmann, 52, vice chairmen at Bankers Trust who will be co-heads of Deutsche Bank's global investment banking division, will each be paid at least $37.5 million over three years.
Chief Financial Officer Richard H. Daniel, 52, will get a $9 million retention bonus, a minimum $4.15 million annual bonus and a salary of at least $350,000.
Mary Cirillo, 51, an executive vice president who will be head of global institutional services for Deutsche Bank, will get an $8 million retention bonus, an annual bonus of at least $3.65 million and her salary will be at least $350,000.
Banks often pay twice when acquiring a financial services firm -- first to buy the shares and then to keep the executives from leaving. Chairman and CEO Newman and his top deputies arranged their "retention" packages as they sold Bankers Trust for $10.1 billion, or $93 a share, 32 percent below its peak.
The company, the parent of BT Alex. Brown Inc., the Baltimore-based investment banking and brokerage firm, lost $6 million last year.
Pub Date: 3/24/99