Bankers Trust chairman gets $10m

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FRANK NEWMAN, the chairman of Bankers Trust which last week agreed to a $10bn takeover by Germany's Deutsche Bank, is to get $10m to stay on at the bank after the deal goes ahead next year.

Three other key Bankers' executives Yves De Balmann, Mayo Shattuck and Mary Cillo are believed to be sharing a further $10m between them. Yves de Balmann is expected to be named head of the merged investment banking division within the next few weeks. Mr Shattuck will be co-head and Ms Cillo, head of custody. Deutsche's Edson Mitchell will keep his current job as head of global markets as will Mike Philipp, who heads global equities.

Rolf Breuer, the Deutsche Bank chief executive, told staff through a global video link-up from New York yesterday that the bank was working hard to ensure that the new management structure was put in place as quickly as possible.