British bankers top millionaires' club

Nearly 2500 British-based bankers took home pay packages worth more than €1 million ($1.4 million) in 2011, according to figures from the EU's banking watchdog.

Nearly 2500 British-based bankers took home pay packages worth more than €1 million ($1.4 million) in 2011, according to figures from the EU's banking watchdog.

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.

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