Deutsche Bank doubled pay for the head of its underperforming investment bank last year, while at the same time slashing bonuses for employees in the division by 23% after revenues tumbled.

Garth Ritchie, who was made sole head of the German lender’s corporate and investment bank last year following the departure of Marcus Schenck, was the highest-paid executive in 2018, earning €8.6m — more than double his pay in 2017, when Deutsche’s management committee abstained from bonuses.