More UK bankers paid over €1m than all other EU states put together

16 July 2013

Close to 2,500 UK bankers took home pay packages worth in excess of €1 million ($1.3 million) in 2011, more than the rest of the European Union (EU) put together, according to figures released by the regulator.

Findings showed 2,346 people in the banking profession took home more than a million euros, while the rest of the EU had 739.

Germany, which is Europe's second-largest economy, has just 170 receiving that amount, while France has 162. Cyprus, Greece, Portugal and Ireland, which have all been hit hard by the eurozone crisis, have some who earn over €1 million.

Spain, which saw its banking industry bailed out by the EU in 2012, had the highest average pay of any eurozone country in 2011.

Nicholas Stretch, from law firm CMS Cameron McKenna, said: "Because London has a very large number of people with variable high pay, the forthcoming bonus capping rules … will have a particular impact on our financial services industry and lead to extensive changes in how remuneration is provided."

By Tony Aynsley

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