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There is only one place to work in the EU if you want to make more than €1m in investment banking

The European Banking Authority’s new report on high earners in banking is out.

If you’re based in the EU and are wondering where you’re most likely to find an investment banking job that might pay you €1m+, the only chart you need to see is below.

Yes: you need to be in London.

Geographical distribution of investment bankers earning more than €1m within the EU (2012)

EBA high earners 1 pdf

Source: European Banking Authority

If you’re based in the EU and are also wondering where to find the highest paid investment banking jobs, you might want also to consult the second chart below.

Yes: you need to be in London again.

Average pay per head for investment bankers earning more than €1m across the EU 

(2012)

Average pay per banking job Source: European Banking Authority

The UK and the City of London have sucked up all the best paying banking jobs in the European Union. There’s nothing new about this – much the same thing was in evidence when the EBA last looked at high pay in 2011. However, as this interesting interactive chart from Reuters reveals, London has enjoyed an increase in high paying financial services jobs in the past three years while other markets (France) have lost out.

The UK’s successful hogging of the EU’s high paying banking roles should provide pause for thought. The country is toying with a referendum on withdrawal from the EU. Goldman Sachs has issued several strong warnings that lucrative banking positions would disappear from London if the City were not plugged into the EU market.

 

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