In 2021, the annual income of 37 bank employees in Luxembourg exceeded €1 million, the EBA’s high-income report published on Thursday shows. Of these 37, 34 are in the €1 million to €2 million bracket, one is in the €2 million to €3 million bracket, and two earned between €4 million and €5 million over the year. The variable component accounts for a sizeable portion of these salaries, in some cases exceeding – sometimes slightly - the fixed part.
The number of top earners earning more than €1 million increased by 41.5% in 2021, from 1,383 in 2020 to 1,957 in 2021, the EBA notes. This is the highest value for the EU since it started collecting data in 2010.
“This increase is linked to the overall good performance of institutions, particularly in investment banking, trading and sales, the continued relocation of staff from the UK to the EU, and a general increase in salaries,” the EBA said.
