Data shows UK banks losing well-paid staff, as Italy, France and Spain make up 70% of rise in EU top earners
that the number of bankers earning €1m or more a year had increased by more than 40%, from 1,383 in 2020 to 1,957 in 2021. Excluding UK figures, it is the highest number of €1m-plus European bankers since the EBA began collecting the data in 2010.
The figures no longer include the UK, which left the EU after Brexit in 2020. Before it was excluded from the data, the UK had consistently led the bankers’ pay rankings.The EBA said the increase in the number of €1m-plus European bankers had been caused by booming investment banking profits as well as “further relocations from staff after Brexit from the UK to the EU and also as overall salary levels increased”.
The regulator said 70% of the increase in high earners was in banks operating in Italy, France and Spain. The single highest paid banker earned €14m-15m in Spain. The EBA did not identity the person, but said that “a significant amount of variable remuneration corresponds to one severance payment”. Their pay works out at least 466 times the average salary in Spain.Most of the €1m-plus bankers lived in Germany, which has a big financial hub in Frankfurt, making up 589 of the high earners in the report. France took second place with 371 , followed by Italy with 351 .
The average value of the bankers’ bonuses worked out at just over 100% of their fixed pay, an increase from 86.4% the previous year.Get set for the working day – we'll point you to the all the business news and analysis you need every morningNewsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our
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