The number of bankers earning more than €1 million a year (‘high earners’) increased slightly in 2019 compared to 2018, from 4,938 to 4,963, according to a European Banking Authority (EBA) report published on 18 August.
More than 70% of these bankers were based in the UK, although 2019 marks a slight decrease (-95 people) in their total number, mainly due to their relocation within the EU in the run-up to Brexit. The number of high earners increased in Germany (492 persons, +9.3%), France (270 persons, +15.4%), and Italy (241 persons, +16.9%).
The variable part of the remuneration is decreasing in relation to the total remuneration, from 139% in 2018 to 129% in 2019, the EBA notes. In the asset management sector, this ratio has certainly decreased from 378% in 2018 to 339% in 2019. But, according to the European authority, this level still exceeds the maximum threshold set at 200%, with some countries applying exceptions to the rules while banking prudential rules are silent on the issue.
See the report: https://bit.ly/3B2wqQc (Original version in French by Mathieu Bion)