Although savings banks are not profit-oriented per se, their top managers earn as well as other bank bosses.
Published figures show how high their salaries really are.
In the financial sector, Sparkasse is actually not one of those companies where employees take home the biggest paychecks.
This is also shown by an income analysis in the financial sector from 2019 *.
This is mainly due to the fact that the savings banks, as public institutions, are not profit-oriented.
They are in the hands of the municipalities and are traditionally anchored in the end customer and branch business.
But if you take a look at the payrolls of top managers, you will see: Sparkasse bosses also have a million or two.
Top salaries at the Sparkasse - that's how much the bosses earn
In general, savings banks keep a low profile when it comes to the earnings of their top managers, which has been criticized again and again by bodies such as the citizens' movement Finanzwende.
While many branches only list the total remuneration of the individual business areas, which also include the executive board salaries, in federal states such as North Rhine-Westphalia and Hesse, however, the savings banks are obliged to be more transparent.
The Kreissparkasse Köln, after all, the third largest savings bank in Germany,
puts
the annual income of its Sparkasse management board at
953,000 euros
in 2019
.
As the
Handelsblatt
reports, the six board members of Kreissparkasse Köln are said to have earned around 4.4 million euros in 2018.
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Savings bank managers earn just as well as other banks
But it is not only in Cologne that Sparkasse bosses are slowly becoming
income millionaires
: As research by the
FinanzSzene.de
portal
has
shown, in 2019, at least 40 Sparkasse managers' remuneration, including pension
provisions
, exceeded the one million euro
mark
.
And that although only 21 institutes disclose their figures.
In reality there should be a lot more.
This means that the top managers of the Sparkasse
have salaries similar to those of private banks
.
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What is the salary of the Sparkasse Management Board based on?
The association specifies the guidelines for the salaries of top managers at the Sparkasse, reports the
Handelsblatt
.
The
salary depends on the size, the volume in credit and custody business and the size of the emergency reserves of
a savings bank, it is said.
(as) * Merkur.de is an offer from IPPEN.MEDIA.
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