Best Remunerating Banks

The top six best remunerating banks, calculated by average remuneration per employee, are all foreign owned. Top is Canadian-owned CIBC World Markets Plc paying an average £552,000 per employee. This is followed by Swiss-owned Credit Suisse International, German-owned D B UK Bank Ltd, then Japanese-owned Nomura Bank International Plc and Mizuho International Plc. Dutch-owned N M Rothschild & Sons Ltd comes in a lowly sixth, but it does come first in the Highest Paid Director league table, paying out £7.8 million to one luck employee!

Most overpaid director II

At least Rothchild's is profitable. Looking at the 24 £1,000,000+ highest paid directors, one director at Royal Bank of Canada Europe Ltd received pay of £2,516,759 in the year ended 31st October 2007, putting him 10th in the Remuneration of Highest Paid Director League Table despite the bank making a loss! In the previous year the highest paid director at Royal Bank of Canada received a lesser remuneration despite making a profit of £29,648,000. So, profit turns into a huge loss and the highest paid director gets a pay rise! A loss for the year of £81,638,000 puts Royal Bank of Canada at 154th in the Pre-Tax Profit League Table in front of only Egg Banking Plc and Northern Rock Plc.

Most overpaid director

Now I'm sure he's worth every penny, but the highest paid director of all the UK banks received remuneration last year which was greater than a number of banks' capitalisation. The director, employed by N M Rothschild & Sons Ltd, received, for the year ended 31st March 2007, £7,831,000. Poor chap probably had to take a pay cut. In the previous year the highest paid director at Rothchild's received £8,251,000. So, yes I'm sure he's worth every penny but when it comes to his bank's performance it was well down the Pre-Tax Profit League Table, coming in at 30th. Barclays Bank Plc was second with its highest paid director receiving £6,764,000. At least Barclays came 2nd in the Pre-Tax Profit League Table. All in all, 24 banks paid more than £1,000,000 each to their highest paid director.