World Economy

Britain Best for Big Banker Bonuses

Britain Best for Big Banker BonusesBritain Best for Big Banker Bonuses

Some 3,178 bankers across the EU took home more than €1 million ($1.12 million) in 2013, with over 2,000 of them coming from UK, according to the European Banking Authority.

The number of EU bankers earning €1 million fell from 3,530 a year earlier, the EBA said in a report, RT reported.

This was due to the weak pound against the euro at the time and that most of the financiers worked in Britain.

More bankers in the UK received at least €1 million than in the rest of the EU combined in 2013, the regulator claimed.

In 2012, 1,470 high earners from the UK had salaries of between €1–€2 million. Nine received more than €10 million and one €18.3 million.

It’s the first time since the 2008 financial crisis that the watchdog disclosed detailed information on banker’s salaries.

The EBA also published data about the employees of EU institutions, even those based in the US and Asia. According to the data, about 1,126 of the high earners receive €1-€1.5 million and another 535 between €1.5-€2 million.

Thirty-nine bankers received €5 million or more, with one outside the EU earned €19-€20 million.

The EBA also took a sample of 92 institutions to analyze the link between pay and performance. “Overall in 2013, profitability was significantly reduced in many institutions compared with 2012. Consequently the average net profit per staff member was reduced in 2013. Based on the aggregated figures no strong correlation between the average net profit of institutions and the remuneration of identified staff could be observed,” the regulator said.