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Top earning bankers move to EU from Britain ahead of Brexit

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Global Business Review Magazine
Thursday, March 23, 2023
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Top earning bankers move to EU from Britain ahead of Brexit

Top earning bankers move to EU from Britain ahead of Brexit

Nearly a hundred highly paid bankers left Britain ahead of its departure from the European Union. The European Banking Authority (EBA) said in its annual survey of bankers earning a million euros ($1.17 million) or more a year that Britain saw a drop of 95 high earners in 2019. The country still accounted for 71% of the 4,963 bankers in the top pay category across the bloc in 2019. This is in a sign of how London remained by far Europe’s biggest financial centre, with a total of 380,000 people employed in Britain’s banking industry. These are according to figures from TheCityUK. The million-euro threshold includes basic pay, bonuses, long-term awards and pension contributions.

Britain fully left the EU’s orbit in December 2020. Many banks and other financial firms, by that time, had relocated over 7,000 staff from London to new or expanded hubs in the bloc to ensure customers retained full access to the EU financial market. The moves boosted the number of top earners to 492 from from 450 in Germany, to 270 from from 234 in France, and to 241 from 206 in Italy. These were reported by the EBA.

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The report added that the increase of high earners resulted mostly from the impact of the relocation of staff from the UK to EU27 as part of Brexit preparations. Most of the EU’s top earning bankers were based in its main financial centres Frankfurt, Paris and Milan, with other locations in single digits or low double digits. The EU capped on banker bonuses in 2014 at than twice the amount of basic pay with shareholder approval, a measure that Britain opposed at the time but has so far left intact since Brexit.

Tags: BankingBrexitEuropean Banking Authority
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Data shows that US inflation cooling

Household wealth anticipation has declined, claim by global poll

Support measures push Japanese corporate bankruptcies to 50 year low

How is the bond yield controlled in Japan?

BOJ’s Kuroda signals readiness to extend pandemic-aid scheme

Policy takes the u-turn; BoJ’s yield curve may slip

Asia shares falls on worries over inflation, Fed outlook

Stocks are calm ahead of a possible CPI hurricane

Artificial intelligence to take on the Aviation industry too

Normalcy wished to revert to airlines after FFA blackout

Dollar dented as consumer sentiment dives

Dollar declines on expectations of weaker US rate increases and China’s resumption

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Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • Policy takes the u-turn; BoJ’s yield curve may slip
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  • Normalcy wished to revert to airlines after FFA blackout

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