Citigroup’s Banker Pay in London Tops Lloyds, SantanderAmbereen Choudhury
Citigroup Inc. paid mid-level investment-bankers in London more this year than any of its competitors, awarding directors 370,000 pounds ($605,000) on average, according to salary data provider Emolument.
Deutsche Bank AG followed with an average of 335,000 pounds, while Credit Suisse Group AG awarded 325,000 pounds, London-based Emolument said in a statement today. Spain’s Banco Santander SA paid an average of 207,000 pounds, while Lloyds Banking Group Plc paid the least, at 158,000 pounds.
The European Union brokered a deal in February to outlaw banker bonuses that are more than twice fixed pay, a move lawmakers said would prevent excessive payouts and curb irresponsible risk-taking. The U.K. challenged the caps at the EU’s highest court in September, saying they were illegal.
While Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley ranked sixth, eighth and ninth respectively, all the top ten firms were “relatively close” in terms of annual compensation, Emolument said. U.S. firms were “are at the top of the table when looking at more senior managing director remuneration,” according to the statement.
Spokesmen for Lloyds, Deutsche Bank and Citigroup declined to comment on the pay data.
Emolument was started last year by Thomas Drewry, founder of executive search firm Veni Partners, and Olivier Beau de Lomenie, a former executive at online grocer Ocado.com, to provide companies with benchmarking data on remuneration.
The data includes salaries paid for 2013 and bonus received this year for performance in 2012. The company said it collected the information from more than 722 directors working in investment banking and markets jobs in London.