Brexit raised the Number of EU Millionaire Bankers – Watchdog.

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Brexit raised the Number of EU Millionaire Bankers – Watchdog.

January 19, 2023January 19, 2023

According to the European Union’s banking authority, more Brexit-related relocations from London and an increase in trading raised the number of bankers earning more than a million euros annually in the EU by more than 40% in 2021.

The number of bankers making more than one million euros ($1.08 million) increased to 1,957 in 2021 from 1,383 in 2020, up 41.5%, to reach the highest level since the watchdog started gathering such statistics in 2010.

According to the EBA, bankers in Italy, France, and Spain are responsible for more than 70% of the increase, with the impact of inflation’s boosting of earnings also being a factor.

In order to maintain customer services before the UK left the EU, several banks that had previously operated out of London had to establish new branches or expand existing ones in EU nations like Germany, France, and Ireland.

According to a statement from the EBA, “this increase is linked to the overall positive performance of institutions, in particular in the field of investment banking and trading and sales, continued employee transfers from the UK to the EU, and a general increase in pay.”

These departments have been under pressure from the European Central Bank to have enough workers.

With 589, Germany continues to have the most highly compensated bankers, followed by France (371), and Italy (351).

According to the EBA, 1,516 high earners received compensation in the range of 1 million to 2 million euros, with the highest payout bracket falling between 14 million and 15 million euros.

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