BNP Paribas, Socit Generale… Is your banker a millionaire?

In 2023, the number of bankers paid more than 1 million euros will reach an unprecedented level at BNP Paribas and Socit Generale. Cumulatively across the two establishments, 523 professionals exceed this threshold.

Bankers who are more and more often millionaires? After a previous record year in 2022, the trend continued in 2023. Thus, within the BNP Paribas group, 376 bankers are paid more than one million euros annuallyor seven more than in one year, according to the latest report on the bank’s remunerations revealed by The things. The figure is lower at Socit Générale, where 147 financiers exceed the million-euro remuneration mark (compared to 144 in 2022).

How to explain this increase? Always according to The things, if BNP Paribas saw its market activities experience a decline, the income generated by the equity issuance, M&A and financing teams (Global Banking) created by 12.4%, 5.8 billion euros, notably in Europe and the American continent. As for Socit Générale, if revenues fell by 4.6% after a record 2022, equity businesses saw an increase of +18.22% in 2023.

To be a millionaire, you better work at Barclays

Be careful though. It is about traders and others investment bankers who often work abroad, notably London and New York, even if the Socit Generale group has 72 millionaire bankers established in France.

Your banking advisor is not at all in the same boat! A study published by the British recruitment firm Hays estimated that an individual customer advisor at the start of their career can hope to earn between 26,000 and 28,000 euros gross annually, or around 1,650 euros net per month. After 8 years of experience, this figure increases by 2250 euros net per month.

Experience0 3 years35 years5 8 yearsMore than 8 years old
Private banker50k70k60k90k90k110k
Agency Director37k42k42k48k48k50kMore than 50k
Wealth manager35k36k36k42k42k48kMore than 48k
Credit manager26k27k28k30k31k34k35k36k
Estate Manager24k26k24k28k28k32k34k33k
Recovery charge23k24k24k28k28k29k30k30k
Individual customer advisor26k28k28k32k32k38kMore than 38k
Reception advisor22k24k24k26kNSNSNSNS

Hays national remuneration study 2022 – Salaries expressed in thousands of gross annual euros

One thing is certain, to be a millionaire banker, it is better to apply to Barclays. The British bank has 668 in its ranks, an increase of 49 in one year and a record number over the decade.

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