1,000 euro millionaires in banks’ City pay surge

THE London arms of American banks paid almost a thousand staff more than €1 million (£900,000) each in 2016, in the latest revelation of the vast rewards on offer to Britain’s best-paid bankers.

Ten years after the financial crisis hit, pay rises at the biggest banks show no sign of abating – with the number of bankers paid more than €1 million still rising compared with the year before, according to an analysis of filings conducted by The Mail on Sunday.

Ten employees at Goldman Sachs’ European operation, headquartered in London, each received more than €9 million. They include the former boss of t he London arm Michael Sherwood, who was paid $20 million (£15 million) in 2016 before he retired from the bank.

The London office is now run by South African Richard Gnodde, whose pay is not disclosed but who is among the bank’s highest earners.

JP Morgan paid 14 members of its London-headquartered business more than €5 million each. That includes London boss Daniel Pinto, who is on the board of the gl obal bank and earned $19 million in 2016.

Morgan Stanley paid five members of staff more than €7 million each, while Bank o f America p a i d seven employees more than €5 million apiece.

The figures are given in euros because banks now have to disclose how much t hey pay al l employees classed as ‘material risk takers’ under EU rules introduced following the crisis.

The four US banks between them paid 975 members of staff more than € 1 million each. Last year the figure was 971. Of the 975, 330 were paid more than € 2 million, and 97 were paid more than €4 million.

Nicky Morgan, Conservative MP and chairwoman of the Treasury Select Committee, told The Mail on Sunday that the pay levels led to ‘huge feelings of “them and us”’.

She added: ‘It makes it harder for those of us who are in favour of financial services to argue for them on Brexit and other issues.’ All the banks declined to comment. The bankers covered in the reports all

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