Savings bank top managers earn more than bosses of other public companies

2023-08-22 15:32:00

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At some savings banks, the managing directors are remunerated in seven figures.

(Photo: dpa)

Frankfurt The top managers at savings banks earn significantly more than the managers of other public companies. This is shown by the Public Pay Study 2023 by Zeppelin University, which examines the remuneration of public companies. The average total remuneration at the savings banks reached 379,000 euros in 2021.

The Savings Banks were thus far above the average for the remuneration of the managing directors of other municipal companies. Their average was – if you subtract the savings bank salaries – at 167,000 euros. The top managers in hospitals then earned 238,000 euros, in the energy and water supply sector as well as municipal utilities it was 231,000 euros.

The range of salary payments within the savings banks is wide. For savings banks with a balance sheet total of less than 1.5 billion euros, the total remuneration averaged 279,000 euros. According to the study, the average for larger savings banks with total assets in excess of five billion euros was 512,000 euros.

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