Deutsche Bank handed its out-going chief executive Josef Ackermann a total pay package of €9.36m for his last full year in charge of the German bank, a period in which a contraction in investment banking banking meant his successor Anshu Jain took a 23% pay cut but still earned more.

Ackermann will step down as chairman and chief executive of Deutsche Bank after 10 years in charge in May. During his career with the bank he has amassed a pension pot of €18.7m, according to Deutsche Bank's annual report, released today.