FINANCIAL SERVICES
More UK bankers paid over 1m euros than in rest of Europe combined - EBA survey
The European Banking Authority published today a report featuring data on the remuneration of EU bank staff who received €1 million or more in total in 2010 and 2011. The report shows that there are more British bankers in this pay bracket than in all the other member states put together.
The data has been aggregated by the EBA on the basis of the figures collected at member state level. The figures also include staff remuneration paid by subsidiaries or branches of a EU-parent institution based in another member state other than that were the parent company is located.
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In 2011, the highest figures have been reported for:
The data is categorised into different business areas. Several high earners fall into categories that include functions with responsibilities throughout the whole institution, from the executive board, to risk management, internal audit, information technology, communication, auditing, corporate finance, legal and human resources.
Background
Directive 2010/76/EC (CRD III) requires national competent authorities to collect information on the number of individuals per institution in pay brackets of at least €1 million, including the business area involved and the main elements of the salary, bonus, long-term award and pension contribution. This information has to be sent to the EBA. To facilitate the data collection, the EBA published in July 2012 a report entitled: EBA Guidelines on the Data Collection Exercise Regarding High Earners.
The EBA will publish, at the end of the year, a more detailed report on an analysis of remuneration practices in the EU; this will be based on a remuneration benchmarking exercise which will also comprise a more detailed analysis of the data presented today.
Want to know?
Title: High Earners 2010 and 2011 Data, European Banking Authority, July 2013.
Availability: You can download the 25-page report in PDF format at www.eba.europa.eu/-/eba-presents-data-on-high-earners-in-eu-banks.
The European Banking Authority states: “The EBA is an independent EU Authority which works to ensure effective and consistent prudential regulation and supervision across the European banking sector. Its overall objectives are to maintain financial stability in the EU and to safeguard the integrity, efficiency and orderly functioning of the banking sector.” For more information visit www.eba.europa.eu.