Economy1 hour previously (Aug 18, 2021 05: 51AM ET)
© Reuters. Usual peep of the Canary Wharf monetary district, because the unfold of the coronavirus disease (COVID-19) continues, London, Britain, April 6, 2020. REUTERS/Matthew Childs
By Huw Jones
LONDON (Reuters) – Virtually about a hundred highly paid bankers left Britain earlier than its departure from the European Union, the bloc’s banking watchdog said on Wednesday, the most fresh confirmation of how Brexit has reshaped Europe’s monetary sector and its tax unfriendly.
The European Banking Authority (EBA) said in its annual peek of bankers earning 1,000,000 euros ($1.17 million) or extra a yr that Britain noticed a tumble of 95 high earners in 2019,
The nation silent accounted for 71% of the 4,963 bankers in the tip pay class across the bloc in 2019 in a label of how London remained by some distance Europe’s biggest monetary centre, with a complete of 380,000 other folks employed in Britain’s banking commerce primarily primarily based on figures from TheCityUK.
The million euro threshold entails current pay, bonuses, prolonged-term awards and pension contributions.
Britain fully left the EU’s orbit in December 2020 and by that time many banks and other monetary companies had relocated over 7,000 workers from London to current or expanded hubs in the bloc to model clear customers retained paunchy access to the EU monetary market.
The moves boosted the different of top earners to 492 from from 450 in Germany, to 270 from from 234 in France, and to 241 from 206 in Italy, the EBA said.
“The amplify of high earners resulted largely from the affect of the relocation of workers from the UK to EU27 as fragment of Brexit preparations,” the EBA said in a file.
Loads of the EU’s top earning bankers had been primarily primarily based in its predominant monetary centres Frankfurt, Paris and Milan, with other areas in single digits or low double digits.
The EU capped on banker bonuses in 2014 at than twice the quantity of current pay with shareholder approval, a measure that Britain hostile at the time but has to this point left intact since Brexit.
(Graphic: EBA TOP EARNERS, https://fingfx.thomsonreuters.com/gfx/mkt/byvrjjlabve/EBATOPEARNERS.PNG)
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