According to a report, the two Wall Street giants paid their bankers the most in the UK in 2016.
JPMorgan and Goldman Sachs paid their top bankers in the UK an average of $1.5 million each in 2016, compared with $1 million for local rivals HSBC and Barclays, according to data gathered by Reuters.
Data compiled by the news service from 13 banks’ filings shows they paid an average of $1.06 million to such staff in 2016, down from $2 million for the year ended 31 December 2013, when new European Union rules aimed at limiting banker bonuses took effect.
The data shows that EU rules to restrain banker bonuses are making an impact.
JPMorgan paid 672 staff in senior or risk-taking positions an average of $1.52 million each, while 724 Goldman bankers took home an average of $1.48 million each, according to Reuters’ calculations from the filings.
Morgan Stanley was third in the UK rankings, with 431 of its top staff on average $1.29 million, with Credit Suisse (537 bankers) and UBS (596 bankers) making up the top five, paying $1.13 million and $1.12 million, respectively.
A report by the Chartered Institute of Personnel and Development released on Thursday last week showed the average pay of a senior banker in 2016 was $1.06 million. The report also highlighted that the average boss of one of Britain’s top companies will by Thursday have already earned the same as the typical worker will make in the entire year.