Two bankers based in Cyprus received total remuneration exceeding €1 million in 2024, according to data published on Thursday by the European Banking Authority (EBA).
The EBA figures show a broader increase in the number of high-earning bankers across the EU. The report also confirms that the gender imbalance in top-paying positions persists, with senior roles held predominantly by men in both credit institutions and investment firms.
The total number of high-earning bankers across the EU rose to 2,554 in 2024, up from 2,343 in 2023. Within credit institutions, the figure increased by 7%, from 2,122 to 2,266. In investment firms, the rise was sharper, up 30% from 221 to 288. The EBA attributes this growth primarily to strong profitability driven by higher interest income, a recovery in advisory and capital markets activity, favourable economic conditions including elevated interest rates and renewed merger and acquisition activity, and competitive adjustments in pay packages to attract and retain talent.
The weighted average ratio of variable to fixed remuneration for high earners in credit institutions rose to 98%. For investment firms, the average ratio stood at 359%.
Among EU member states, Germany recorded the highest number of bankers earning above €1 million, at 498, followed by France with 489 and Italy with 422. In Greece, 23 bankers fell into the same category.