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European bankerâ€™s salary drop 60%

23 August 2010 14:52 (UTC +04:00)

BakÄ± - APA-Economics. Bank chiefs saw their pay slump by nearly 60 per cent last year, figures reveal today, This is London reported.

But the average pay of 17 European and US bank chief executives â€” including John Varley at Barclays â€” was still Â£3.85â€‰million.

The year before the group had earned an average of Â£9â€‰million each, according to analysis by Equilar, the pay research group.

Bankers’ bonuses caused an outcry in the wake of the financial crisis and the industry made some effort to show pay restraint. But not every bank chief saw their salary slashed.

Stephen Hester, boss of Royal Bank of Scotland â€” 84 per cent owned by UK taxpayers â€” earned more than Â£6.4â€‰million last year. Brady Dougan, at Credit Suisse, and Josef Ackermann, at Deutsche Bank, saw their pay rise by more than 550 per cent to Â£11.5â€‰million and Â£8.3â€‰million.