UK banking CEOs are some of the highest paid in Europe, with heads of HSBC and Lloyds taking second and third place in new rankings compiled by SNL Financial.
However, Germany’s Anshu Jain, the chief executive of Deutsche Bank, came out top, raking in €10m last year. Controversially, his co-CEO, Jurgen Fitschen, was in sixth place, with €7.3m in earnings. Meanwhile, HSBC’s Stuart Gulliver and Lloyds Banking Group’s Antonio Horta-Osario were paid €9.5m and €8.8m respectively.
French banks also featured prominently. Credit Suisse’s Brady Dougan was paid €8m, BNP Paribas’ Jean-Laurent Bonnafe received €3.4m and Societe Generale’s Frederic Oudea, €2.7m.
Former RBS chief Stephen Hester, was seventh on the list, with a paycheque of €6m, while his successor, Ross McEwan, received €3.4m and came in 12th.The head of troubled bank Standard Chartered took home €5.3m, putting him in ninth place.
The report pointed out that these figures do not seem to correlate with shareholder returns. Lloyds, for example, recorded a loss of 1.89% during the period while Credit Suisse, UBS and HBSC all showed a much stronger performance.
The architecture of financial markets has changed and we will soon see the end of the last eight years of prosperity, said Stefan Bielmeier, chief economist and head of research at DZ Bank.
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