Britain leads Europe for the most fat-cat bankers
Britain has three times as many highly paid bankers than the rest of Europe put together, according to new figures likely to reopen the dispute over City pay.
Data from the European Banking Authority, the EU regulator, suggested Britain had 2,436 bankers earning more than €1m (£860,000) – a figure thought to be reflective of London’s pull as a major financial centre. Next was Germany, which managed to maintain Europe’s biggest economy with just 170 highly paid financiers, a figure 14 times lower than that in the UK. France, meanwhile, had just 162. In eight countries in the EU, no bankers received more than €1m.
Nearly three-quarters of the 2,436 British financiers who received more than €1m were classified as working in investment banking, while 85 worked in retail banking, 182 in asset management and 360 in other business areas. The new data shows that over three times more was paid out in bonuses than in fixed salaries in the City, which would appear to breach the bonus cap that is being introduced from next year.
The cap is designed to address public anger at a bonus-driven culture many European politicians believe encouraged the risk-taking that led to the near-collapse of many of the region’s biggest banks. Pat McFadden, the Labour MP who sits on the Treasury Select Committee, said: “These figures illustrate the ongoing problem with huge salaries in banking at a time of austerity for most people. The problem with pay in banking is not just the high levels but that bonuses are paid out without risks being understood and on the basis of results that don’t look so good in the future.”
In crisis-hit Spain, the average annual pay for bankers earning over €1m was €2.4m, the highest in Europe – but this average represented just 125 individuals.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 4 Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
- 5 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
Syrian teenager Usaid Barho reveals how he escaped from Isis using a suicide vest
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
UK weather: 'Coldest night of the year' tonight as freezing temperatures plummet to -10C
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Douglas Carswell tells Ukip to stop blaming foreigners as youth poll shows Nigel Farage is even less popular than Nick Clegg
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...