Number of highly-paid bankers increases in Europe

By Joe Vladeck

The number of European bankers earning more than 1 million euros jumped 11 percent from 2011 to 2012, according to new data from the European Banking Authority (EBA). The report is timely in Europe, where regulators are struggling to set limits on the financial industry compensation, hoping to reduce incentives for bankers and traders to take undue risks. New caps on bonus payments are set to come into effect in 2014. 

Reuters has a detailed summary of the EBA report. British bankers account for the bulk of European high-earners, representing more than 2,700 of the 3,500 million-euro bankers. 

And, predictably, the countries hardest-hit by the ongoing financial crisis saw banker pay fall. Spain saw a 20 percent decrease in million-euro bankers, as did Ireland. Despite Greece's recent financial calamity, a single banker in the country is somehow still earning more than a million euros in compensation


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