FINANCE - BANKS

European Banking Authority report

22 Luxembourg bank staff considered “high earners”



Germany, France and Italy “registered a slight increase in the number of high earners,” the European Banking Authority said on 18 August 2021, while Luxembourg recorded a very slight decrease Photo: Hunters Race / Unsplash

Germany, France and Italy “registered a slight increase in the number of high earners,” the European Banking Authority said on 18 August 2021, while Luxembourg recorded a very slight decrease Photo: Hunters Race / Unsplash

The number of highly paid Luxembourg bankers has declined ever so slightly.

A total of 22 bank employees in the grand duchy made more than €1m in 2019, according to the latest figures from an EU regulator.

The Luxembourg bankers took home an average of €1,668,748 each, the European Banking Authority’s “Report on high earners 2019” stated. A bit more than half of the total pay was variable remuneration, such as performance bonuses or deferred compensation.

While individual details were not published, 16 of the bankers earned between €1m and €2m that year, four between €2m and €3m, one roughly €3.6m and one €4.1m.

The vast majority of the 22 bankers worked in management functions, the EBA reported on Wednesday. However, one worked in retail banking, two in asset management and one had a corporate function.

The EBA’s 2018 report (the previous edition) listed a total of 23 Luxembourg bank employees who earned more than €1m a year.

Across the entire EU, there were 4,983 bank staffers who made more than €1m in 2019, up slightly from 4,938 in 2018 and 4,861 in 2017.