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More than 2,400 UK bankers received more than 1 million euros

Staff writer ▼ | July 16, 2013
More than 2,400 bankers in the United Kingdom were paid in excess of 1 million euros (870,000 pounds) in 2011, according to EU regulator. More bankers in the UK were paid more than 1 million euros than in any other nation in the EU.
UK bankers
UK bankersMore than 2,400 bankers in the United Kingdom were paid in excess of 1 million euros (870,000 pounds) in 2011, according to EU regulator. More bankers in the UK were paid more than 1 million euros than in any other nation in the EU.


In the European Union a total of 3,175 met the regulatory description of "high earners". According to the European Banking Authority, the pan-EU regulator, 2,436 of these were in the UK.

The next largest total was in Germany where 170 received €1 million or more for 2011 and in France it was 162. In eight countries in the EU, no bankers received more than €1 million.

The information about these so-called high earners is now available to regulators following the introduction of remuneration codes in the wake of the 2008 financial crisis. The data published by the EBA is not directly comparable to that initial report as the pan-European regulator compiles data in terms of euros but it highlights the pay deals on offer in banking and after its inaugural publication on Monday will become an annual event as regulators attempt to analyse the way pay deals are structured.

It is being published as the EBA prepares to implement a proposal by Brussels to limit the bonuses of individuals earning more than €500,000 to one times their salary, or twice with the approval of shareholders. The new data shows that over three times more was paid out in bonuses than in fixed salaries in the City, which would appear to breach the bonus cap which is being introduced from next year.


 

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