The number of bankers in Europe who are earning more than €1 million a year jumped sharply, by 33%, in 2015 vs the previous year, according to a new report from the European Banking Authority (EBA) published on Thursday
The largest population of these high-earning bankers was in the U.K., the report notes, as British bankers account for more than 80% of the top earners. This contributed to the year over-year-jump, as most of the bankers in the U.K. are paid in British pounds sterling, which was up against the euro in 2015. Still, the number of high earners also increased in the rest of the European Union, the EBA says.
The vast majority (86%) of these highly paid bankers are also considered to have a material impact on their institution’s risk profile, the EBA notes, as the ratio of variable to fixed compensation for all high earners increased to 147% in 2015 from 127% in 2014.