The booming trading and brokerage sectors have significantly increased the number of high-income earners in several European banks, creating a stark contrast with banks less reliant on these activities. Deutsche Bank reported a 28% increase in employees earning over 1 million euros, reaching 647 individuals, with the highest earner receiving 18 million euros. The bank also raised its bonus pool to the highest level in a decade.
Spanish competitor Santander revealed a 17% rise in employees earning seven-figure salaries, totaling 418, following a hiring spree in investment banking. Banks with substantial investment banking operations, or those expanding in this area, tend to have more high-income employees compared to those focusing on retail or commercial banking. For instance, UniCredit had only 73 employees earning more than 1 million euros last year.
Dutch banks ranked lowest in this regard. ABN AMRO, for example, had only one employee earning over 1 million euros last year—CEO Robert Swaak, whose compensation barely qualified at 1.08 million euros.
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