Britain home to 80% of EU's highest earning bankers

Bank of England
By Eleanor O'Neill, CA Today

9 February 2017

A report from the European Banking Authority (EBA) has revealed that over 80% of the EU's highest earning bankers, fund managers and compliance experts are based in the UK. 

The figures from the EBA Final Report on High Earners comprise data up to the end of 2015 and shows that, of 5,124 high earning bankers in the EU, 4,133 live in the UK.

The financial sectors examined in the study include asset management, investment banking, retail banking and corporate functions. 'High earners' are defined as bringing in over £860,000 (€1m) per annum.

Germany came in with the next highest total of 279 high earners, followed by France at 178 and Italy at 174.


Top 10 EU countries for 'high-earning' financiers

CountryInvestment bankingRetail bankingAsset managementCorporate functionsOtherTotal
UK 2,313 108 626 205 881 4,133
Germany 83 6 22 18 150 279
France 105 9 23 6 35 178
Italy 60 14 17 12 71 174
Spain 30 21 3 38 34 126
Denmark 18 1 6 2 14 41
Netherlands 6 3 0 6 22 37
Austria 2 2 1 2 24 31
Sweden 10 3 2 3 10 28
Ireland 8 0 8 0 10 26

Source: EBA


Six individuals in the UK received over £17.2 million (€20 million) in 2015, including bonuses which, in the case of one asset manager, totalled £28.8m (€33.7m).

The high proportion of UK financial professionals earning at such a level is largely due to the City of London's status as Europe's largest major financial hub. However, there are fears that title may come under threat with the advent of Brexit and several institutions considering relocation.

The EBA itself is currently headquartered in London but has stated, as a regulatory body of the EU, they will be obligated to undergo a costly removal.

Topics

  • Business
  • Europe

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