The large Spanish banks paid their employees on average with 60,158 euros gross per year in 2021, which is 4.6% more than the previous year. This is a figure that practically triples the average Spanish salary, which in 2020 (latest data available at the Tax Agency) stood at 20,503 euros.
For the first time, in 2021, all listed entities have detailed in their directors’ remuneration report the average remuneration paid to their employees. However, although the banks as a whole increased the emoluments for their staff, this It does not mean that they raised the wages of the workers.
On the one hand, it must be taken into account that in 2021 the entities they recovered the variable remuneration and that by registering the best results in recent years, workers entitled to bonuses received them, raising the average total remuneration. On the other hand, the sector carried out a profound restructuring of the templates with ERE, early retirement and incentivized exits that have caused the exit of some of the employees with the highest salaries, so that, in some cases, the average low.
In that context, BBVA is the listed bank that best paid its employees in Spain with an average of 73,000 euros per year. This figure represents 12.3% more than in 2020, an increase that is explained by the recovery of the bonus in employees who have a part of variable salary. The entity obtained the highest profit in a decade and the degree of compliance with objectives was even higher than in 2019. It should be noted that this remuneration does not include the emoluments received by the board.
The second bank that best paid its employees in Spain was Bankinter, with an average of 69,789 euros, 4.8% more than in 2020. The entity led by María Dolores Dancausa as CEO is always at the top of the table. In addition, it is the only Ibex bank that has not carried out any ERE after the pandemic.
For its part, Sabadell paid its workers an average of 59,000 euros in 2021, 9.3% more, which is also explained by the recovery of variable remuneration. In this way, the entity led by César González-Bueno climbs one position in the ranking.
In the same line, CaixaBank remunerated its staff with an average of 58,000 euros. This figure represents 1.7% less than in 2020, but it is due to an effect of the ERE that affected 6,452 employees. According to sources from the entity, in this adjustment process workers who had high salaries left the company and therefore, compared to last year, the average remuneration is slightly lower.
Talking about Santander, the entity has communicated to the market that it paid its employees an average of 56,000 euros per year in 2021, but this figure includes all the geographic markets in which it operates. It must be taken into account that the entity chaired by Ana Botín has a great geographical diversity in emerging countries (especially in Latin America) where the cost of living and salaries are lower. Given that the bank does not provide the figure for the average remuneration of its staff in Spain, it is not comparable with the rest of the entities. In any case, those 56,000 euros per year represent 19% more than the previous year.
On Unicaja, which paid its staff an average of 41,000 euros in 2021, the same situation occurs as in CaixaBank. That figure represents 4.6% less than the average remuneration for 2020, but it is due to the dismissals of workers with high salaries that occurred both in the Malaga entity and in Liberbank (absorbed in July 2021).
- New agreement. Employees of the banking and savings sector have received a payment for benefits for the first time, after the good results obtained by the different financial entities in the 2021 financial year. And it is that, the agreements signed last year included as a novelty the regulation of teleworking and variable remuneration if a series of conditions were met. In this way, this subscription represents a quarter of payment, which can reach a maximum of six payments of one quarter each if the result for the exploitation activity rises more than 30%. In addition, other variables can also be added, such as another quarter of pay if the ROTE profitability exceeds 8%.