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.