The UK had more bankers and fund managers earning over €1m (£864,000) in 2011 than any other European Union member state, figures from the European Banking Authority reveal.
The EBA, one of three European regulators governing financial services, published a report yesterday into “high earners”, the number of bank staff across the European Union who were paid €1m or more in 2010 and 2011.
Rules were introduced in November 2010 under the Capital Requirements Directive III which require regulators and central banks in EU member states to collect information on bankers earning over €1m. Guidelines were published in July 2011.
The EBA’s report shows in 2011, the UK had the most high earners with 2,436 individuals earning €1m or more, followed by Germany with 170, France with 162, Spain with 125, and Italy with 96.
Of the 2,436 high earners on €1m-plus, 1,809 were in investment banking, 182 were in asset management, 85 were in retail banking and 360 were in other business areas.
Overall the number of UK high earners was down 4 per cent from 2,525 in 2010. The number of UK investment bankers earning over €1m also fell 6 per cent from 1,934 in 2010 to 1,809 in 2011, but the number of retail bankers paid €1m-plus jumped 20 per cent from 71 to 85 over the same period.
The EBA will publish a more detailed report on pay at the end of the year.