‘Nice work if you can get it’ for Spanish and European bankers

BIG-TIME: 1,957 European bankers earned more than €1 million in 2021 Photo credit: Pixabay/Willfried Wende

TWO HUNDRED AND TWENTY-ONE Spanish bankers were amongst 1,957 European bankers who earned more than €1 million in 2021.

European Banking Authority figures revealed that the number of highly-paid bankers throughout Europe had increased by more than 40 per cent from the 1,383 employees listed in 2020.

It also pointed out that the best-paid banking jobs have decamped from London to other EU capitals following Brexit, as the EBA statistics logically excluded those working in UK.  In contrast, before Britain’s EU exit, its bankers were routinely listed amongst Europe’s top earners.

According to the EBA, the increase in Europe’s €1 million-plus earners was the result of booming profits from investment banking “together with further relocations of staff after Brexit from the UK to the EU” as well as an overall increase in salary levels.

Seventy per cent of the high earners were employed by  banks operating in Spain, France and Italy, the EBA said.

The single highest-paid banker was an unnamed Spaniard who, the EBA disclosed, had earned between €14 and €15 million, describing it as a “significant amount of variable remuneration” corresponding to severance pay.  This was also 466 times more than the country’s average salary.

A further three bank employees, who worked in Spain, France and Germany respectively, each took home between €13 and €14 million in 2021.

 

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at [email protected]

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