London lost millionaire bankers to Continent ahead of Brexit
Germany, France and Italy are home to more millionaire bankers thanks to Brexit, according to data out Wednesday from the European Banking Authority.
The EU banking regulator noted a shift in banks’ highest earners, who earn above €1 million a year overall, into the EU in 2019, ahead of Britain’s departure from the bloc.
“The increase of high earners resulted mostly from the impact of the relocation of staff from the UK to EU27 as part of Brexit preparations,” the EBA said.
The U.K. lost 95 banking millionaires in 2019, while Germany gained 42, France 36, and Italy 35. Still, 71 percent of the near 5,000 highest-paid European bankers remained in the U.K.
The EBA’s next annual report on high earners in 2020 will no longer include the U.K.