The City is a bit like Britain’s version of Hollywood. Many people get off the bus to make their fortune but only a few manage to hit the big time.
At the top of the pile is Europe’s highest earning banker, a UK-based financier who got paid a huge €18.4 million (£13.4 million) in 2013, according to new figures from the European Banking Authority.
The package was mostly bonus — made up of €1.1 million (£800,000) of salary and a huge €17.2 million (£12.5 million, $A29.5 million) performance-based payout — representing an unbelievable 1567% of salary.
The data from the EBA doesn’t say who this person is or which bank they worked for.
It wasn’t all cash upfront. The EBA, which collects banker pay data annually, said 60% of the bonus, worth around €10 million (£7.3 million) was deferred for more than three years, with the majority being in share awards.
The payout represents a last hurrah for European banks’ big bonus culture, which was dealt a blow last year as new EU rules came in to cap bonuses at no more than 200% of salary. The EBA will publish its figures for 2014 at the end of this year.
The EBA measured how many bankers earned more than €1 million (£730,000) in Europe, taking information from national regulators in the different European Union states. The UK, and London, dominates the high-earning landscape:
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