British bankers top millionaires' club
In 2011, 2436 British-based bankers earned in excess of €1 million, down from 2525 the previous year, according to a study by the European Banking Authority.
The most senior bankers working in Britain took home on average €1.44 million in 2011, down from €2.3 million in 2010, highlighting the impact of the downturn in the financial services industry. In total, the country's highest-paid financiers shared a salary and bonus pool in 2011 worth €3.51 billion.
However, based on average pay levels, bankers in Spain earned the most, with earnings of €2.26 million in 2010 and €2.44 million in 2011. There were 125 individuals paid more than €1 million in Spain.
The figures show the dominance of the City on the European market and that bonuses remain high as a multiple of fixed earnings despite Europe-wide efforts to crack down on variable pay levels.
Frequently Asked Questions about this Article…
According to a European Banking Authority (EBA) study, 2,436 British-based bankers earned more than €1 million in 2011 — nearly 2,500 high-earning individuals. The article notes that €1 million was about $1.4 million at the time.
Yes. The number of British-based bankers receiving over €1 million fell from 2,525 in 2010 to 2,436 in 2011, and the average pay for the most senior bankers dropped from €2.3 million in 2010 to €1.44 million in 2011.
Britain’s highest-paid financiers shared a combined salary and bonus pool worth €3.51 billion in 2011, according to the EBA figures reported in the article.
Spain had the highest average banker pay in the data cited: average earnings were €2.26 million in 2010 and rose to €2.44 million in 2011. The report also noted 125 individuals in Spain were paid more than €1 million.
Yes. The article highlights that bonuses remain high as a multiple of fixed earnings across Europe, even though there have been Europe-wide efforts to limit variable pay levels.
The figures come from the European Banking Authority (EBA), the EU’s banking watchdog, which compiled the 2010–2011 pay data referenced in the article.
The EBA figures underline the dominance of the City (London) on the European market — showing a concentration of high-paid bankers in Britain compared with other countries.
While the article doesn’t give investment advice, it shows that large bonuses and concentrated high pay in places like London and Spain were still features of the sector in 2011. For everyday investors, that highlights how compensation trends and regulatory efforts to curb variable pay can be relevant when assessing banking-sector culture and potential regulatory risk.
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