The presidents and CEOs of the five main Spanish banks raised their remuneration by 50% in 2021. This rise is explained by the fact that the entities obtained the best result in the last 14 years in that year (they earned 20,000 million compared to the loss of 5,500 million the previous year) so that the executives comfortably met the objectives and recovered the bonus remuneration of which they did not enjoy the previous year due to the pandemic, since they renounced variable remuneration (some partially, others completely) due to economic containment.
In this way, in 2021 the emoluments of the Ibex bankers added 44.74 million euros compared to 29.88 million the previous year, without taking into account in either of the two years the remuneration of the CEO of Sabadell, César González-Bueno, or that of the president of CaixaBank, José Ignacio Goirigolzarri, since both occupied the position in March 2021 and there is no data to compare in previous years. Taking 2019 as a reference, a more comparable year for being the one before the pandemic, the salary of the top banking leaders of the Ibex has been 26.8% higher in 2021.
Specific, Ana Botinchairwoman of Santander, has been the best paid in the Spanish banking system with a total remuneration of 12.288 million euros (+51.9%) in 2021. In second place is Jose AlvarezCEO of the Cantabrian entity, with 9.729 million (+41.6%).
In reality, all presidents and CEOs of the big banks have increased their total remuneration: the president of BBVA, Charles Torres received 7,837 million (+80.7%) and the CEO of the Basque entity, Onur Genç, 6,815 million (+91.2%). Equally, Gonzalo Gortazar received 3.89 million (+37.5%) and the CEO of Bankinter, Maria Dolores Dancausa, 1,412 million (+14%). For his part, the Chairman of Bankinter, Peter Warriorkept his remuneration practically the same as in 2020 with 970,000 euros (+0.1%).
In the case of César González-Bueno, CEO of Sabadell, the remuneration was 1.9 million, although he took office in March 2021, so there is no previous data to compare. It is a case similar to that of Jose Ignacio Goirigolzarri, president of CaixaBank, (received 1.69 million) who also rose to the position in March last year when the absorption of Bankia by the Catalan entity culminated. In 2020, then as president of Bankia, he earned 500,000 euros.
It should be noted that the remuneration of bankers it is not a single cash payment if not, it is made up of a fixed part and a variable part that depends on the achievement of objectives, in addition to contributions to pension plans and remuneration for other concepts such as insurance or complementary benefits.
Employee cutback
The rise in emoluments for the presidents and CEOs of the Ibex banks has occurred in the year in which the sector has carried out a snip of almost 19,000 employees between ERE and incentivized dismissals. This is the highest data since there are records and the bulk of outputs have been concentrated in the five main entities with more than 14,000 casualties.
Thus, CaixaBank agreed the largest ERE in the history of banking with 6,452 exits. For its part, Santander released 3,572 workers, BBVA 2,935 and Sabadell 1,605. The only one of the large entities that can boast of not having registered an ERE is Bankinter. In addition, its CEO, María Dolores Dancausa, has repeatedly reiterated that she will not carry out a collective dismissal. In recent years, one of the banking recipes to improve low profitability has been to reduce the number of employees and offices to save on costs, since low interest rates prevented an increase in business volume.
Clarification
In the printed edition, it is stated that the salary of Josep Oliú, non-executive chairman of Banco Sabadell, was 9.73 million euros last year, but this amount includes 7.489 million corresponding to the consolidation of his pension plan after more than 30 years. His salary in 2021 was 1.8 million euros.
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