Bankers Trust Corp.'s five top executives are to be paid a total of $164.5 million over three years after they turn control of the bank over to acquirer Deutsche Bank AG of Frankfurt.
Frank N. Newman, chairman and chief executive officer, who is to become co-head of the new company's global corporates and institutions division, is to receive $47 million over three years, according to Bankers Trust's annual filing with the Securities and Exchange Commission.
Mr. Newman's package is to include a retention bonus of $14 million paid over three years, an annual salary of $900,000, and an annual bonus of $10.1 million in cash and stock.
Mayo A. Shattuck 3d and Yves C. de Balmann, who are to become co-heads of the new bank's global investment banking division, are each to receive $37.5 million in compensation over three years.
Mr. Shattuck and Mr. de Balmann are each to receive a retention bonus of $15 million, paid out on the second and third anniversaries of the deal's closing, plus minimum annual salaries of $350,000 and annual bonuses of $7.150 million in cash and stock, according to the filing.
Two other executives, Richard H. Daniel, who is to become chief financial officer of the U.S. operations, and Mary Cirillo, who is to become head of global institutional services, are to receive packages of $22.5 million and $20 million, respectively, according to the filing. - Liz Moyer