From the TUC

UK home to three quarters of all the €-millionaire bankers in Europe

30 Mar 2016, by in Economics

In 2014 the UK was home to 2,926 €-millionaire bankers, according to new report published by the European Banking Authority.

This is more than ten times as many as Germany, who come in second with 242.

Moreover the UK figure is up 40% on last year, when there were 2,086 €-millionaire bankers. Note that some of this is an exchange rate effect, with sterling strengthening. The EBA think the increase would still have been 339 or 16% in the absence of currency effects. A Guardian report discusses the figures in more detail – here.

Here’s the full league table:

eumillionaires

(The EBA report notes that the number of German millionaire bankers is down because of a “decrease of 167 high earners in subsidiaries and branches of UK institutions located in Germany”.)

So in 2014 the UK accounted for 3,000 of 4,000 or three quarters of €-millionaire bankers, when in 2013 it was 2,000 of 3,000 or two thirds. Exchange rate effects or not, that’s an immense share.

[strictly 2014: 2926/3860 (75.8%) and 2013: 2086/3178 (65.5%)]

As a TUC spokesperson said:

These are staggering numbers – for parts of the banking sector it’s like the credit crunch never happened. It would be easier to understand if there was evidence that the activities of the banks were supporting stronger growth, stronger manufacturing, higher productivity and better wages across the board. But instead the economy has seriously underperformed across all these areas.

[I discussed at a very general level the relation between performance and number of bankers when the 2013 figures were issued – here]

One Response to UK home to three quarters of all the €-millionaire bankers in Europe

  1. Silent Hunter
    Apr 12th 2016, 10:23 pm

    This equates to earning more than £800,000 per annum at current exchange rates.