Frankfurt — Former Deutsche Bank CEO John Cryan can expect a payoff of about €9m after he was shunted out of his post, the lender’s internal rules show. When a board member leaves before their contract is up, "the severance payment, as a rule, is two annual compensation amounts", based on pay for the previous financial year and expected pay for the current year, Deutsche’s 2017 annual report says. Cryan took home a salary of €3.4m in 2017, while there has so far been no indication of his pay for 2018. That could give him the right to about €6.8m in severance pay, plus the €1.9m the bank reported in his retirement account. On Tuesday, the Frankfurt institution declined to comment on Cryan’s "golden parachute". He is set to leave the bank at the end of April — well ahead of the end of his contract in May 2020 — after supervisory board chairman Paul Achleitner pushed through a replacement at the weekend. The new CEO will be 47-year-old career Deutsche banker Christian Sewing. Cryan wai...

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