The number of bank managers whose remuneration exceeded €1 million rose from 4,597 in 2016 to 4,859 in 2017, according to data published by the European Banking Authority (EBA) on Monday 11 March.
The vast majority of these people (3,567 or 73.41%) were located in the United Kingdom, Europe's leading financial centre. 2,515 of them earned between 1 and 2 million euros, 529 between 2 and 3 million and 260 between 3 and 4 million.
The other managers concerned are mainly located in Germany (390 people), France (233), Italy (201) and Spain (161).
The EBA notes a slight decrease in the number of bank managers earning more than €1 million in Cyprus, Denmark, Greece, Ireland, Luxembourg, Latvia, Romania and Sweden.
The remuneration is divided into two parts, the fixed part of the salary and the variable part corresponding to bonuses. The European authority notes that the variable part of remuneration continued to decrease last year, from 123% in 2014 to 104% in 2016 and 101% in 2017.
Despite the United Kingdom's opposition at the time, European prudential legislation (Directive 2013/36/EC) introduced a ceiling ('bonus cap') set at 100% between the variable part and the fixed part of bank managers' remuneration. This ratio may be increased to 200% if approved by the bank's shareholders.
See: http://bit.ly/2CeM6E5. (Original version in French by Mathieu Bion)