The big Spanish bank improved the remuneration of its workers in 2022 enough to combat the rise in prices. Although there are differences between the main banks listed on the Ibex 35, the average remuneration of bank employees rose in the past year, which turned out to cushion the blow that inflation had on the purchasing power of workers; a rise in prices that was surprising both for its virulence and its persistence despite the intervention of central banks.
Within the large listed groups, BBVA Spain in 2022. Specifically, this increase went from 8.2% of BBVA for its employees in Spain to 6.25% of Caixabank. However, it is also necessary to take into account the composition of these emoluments, which include a variable part, which is impacted by the good results reflected by Spanish banks in 2022, partly due to the rise in interest rates and its effect on the Euribor.
With a view to 2023, the unions wrested a 4.5% wage increase from the employers in the sector, AEB and CECA, compared to the 1.25% that was expected. However, the rise did not reach all workers, and according to the workers’ representatives this increase left out the majority of employees. In fact, it affected 60-70% of employees, who are those who receive bonuses; for example, variable remuneration.
BBVA, the entity that pays its employees the best
By entities, BBVA is the one with the highest average remuneration of its employees and the one that also saw it grow the most, after presenting the greatest profit in its history. Thus, the average salary stood at 79,000 euros per year last year, which represents an improvement of 8.2% compared to 2021, when the average salary stood at 73,000 euros and an increase of 12.31% over 2021-2020. However, at the group level, average remuneration falls to The bank explains that these salaries are in line with the standard of living in each geography. Even so, it experienced an increase of 11.76%, while global inflation stood at 8.8% according to the IMF.
Banco Sabadell conditions 10% of the bonus on meeting its objectives related to ESG criteria. Beyond this, the entity led by César González-Bueno shook off the effects of the pandemic and has been advancing the objectives of its strategic plan year after year. Something that has also been reflected in the evolution of the average remuneration of the workforce. Thus, at the end of 2022, it stood at 63,000 euros, which represents an improvement of 6.78%, compared to 59,000 euros in 2021. In the year of the pandemic, which affected precisely the variables, the average remuneration fell to 54,000 euros.
Caixabank is the second Spanish entity that pays its employees the best and the third that increased average remuneration above the inflation figure, standing at 68,000 euros at the end of 2022, which represented an improvement of 6.25% compared to the 64,000 euros from 2021 the entity in which the remuneration of the council is also detailed. In said document, the bank chaired by Ignacio Goirigolzarri highlights that in 2019 a Conditional Annual Incentive Plan was implemented linked to the 2019-2021 Strategic Plan, and that allowed employees to receive a number of CaixaBank shares, if they were met. the objectives.
Bankinter and Santander, below inflation
The increase in the average remuneration of Bankinter workers was below Spanish inflation at the end of 2022. According to the report published by the entity, the workers received, both in fixed and variable remuneration, even if it was accrued, an average amount of 59,842 euros, 4.95% more than in 2021, when it stood at 57,022. On the other hand, the salary of the entity’s slim director, María Dolores Dancausa, experienced a growth of 5.58% to 1,575 million euros.
Banco Santander closes the classification. The entity chaired by Ana Botín improved the average remuneration of the workforce by 1%, despite operating in areas where inflation has been rampant, such as Brazil, the United Kingdom, but also Spain. These data are difficult to compare with the rest because they do not publish the disaggregated data for our country. However, this improvement is consistent with the evolution of the emoluments of both the president, who fell by 4% in 2022, and the CEO, who experienced a decrease of 2%. Thus, the final photo for the bank places the average remuneration at 56,262 euros, compared to 55,673 euros in 2021, but it is an improvement of 18% if the average remuneration of 2020 is taken into account, when it stands at 47,130 euros. . For this year, the entity announced that it would apply a salary increase for the entire workforce in Spain of 4.5%, applicable from January 1.
