Deutsche Bank AG will award CEO Christian Sewing total compensation of €7 million for 2018, the German group said March 22.

Sewing, who became CEO in April 2018, earned €2.9 million in 2017 when he was head of the group's retail banking operations. Since he took office on April 9 through to the end of 2018, Deutsche's stock price has dropped by roughly 40%.

The management board's total compensation pool of €55.7 million for 2018 jumped by around 46% year over year from €29.8 million in 2017. This was due to a supervisory board decision to pay bonuses for the first time since 2014, the bank said.

On the other hand, total staff compensation fell to €10.6 billion in 2018 from €11.1 billion in 2017, partly due to a headcount reduction, Deutsche said. In a move to lower costs last year, the group cut 5.9% of its full-time equivalent positions to 91,737 in 2018.