Banking pay figures demonstrate power of the City to attract the best

The number of bankers earning over €1m (£860,000 today) in the UK was higher than any other European Union country in 2011, according to data compiled by the European Banking Authority.

Some 2,436 of the 3,175 bankers earning this sum in the EU worked in the UK, followed by Germany with 170 well-paid bankers and 162 in France. The results are demonstrative of the continued dominance of City finance and the country’s ability to attract the best firms and best people.

Nearly three quarters of those earning over €1m in 2011 worked in investment banking, with the rest split between retail banking, asset management and other business areas. The average pay for those in this pay bracket in the UK was €1.4m. The highest average in the EU was Spain, where the 125 top earners were paid an average of €2.4m.