Greater number of UK bankers earns more than 1 million euros

Published:  17 Jul at 9 AM Figures published by the European Banking Authority show that more bankers in Britain earned in excess of one million euros than the whole of the rest of the European Union combined during 2011. The research reveals that 2,346 bankers in the UK earned more than the equivalent of £860,000 compared to just 739 in other EU countries.

However, Robert Peston, business editor for the BBC, pointed out that more than half the bankers working in the UK are not in fact from Britain. He also explained that average pay in 2011 was £1.3 million, significantly lower than the £2.5 million average received in 2010.

The EU wants to limit bonuses for senior bankers to 100 per cent of salary. This could increase to 200 per cent if the shareholders are in agreement. The BBC correspondent said it was also necessary to realise that placing a cap on bonuses could simply result in banks paying higher fixed salaries.

In 2011, Spain had the highest paid bankers of any country in the EU. A year later the EU was bailing out Spain’s banking industry. The average wage for senior bankers was 2.44 million euros in 2011. However this only accounted for 124 individuals.

Greece was at the time already negotiating its bailout and only two of the country’s senior bankers walked away with one million euros.