European banks have spent more than €1.1bn on axing senior staff since 2018, underlining the extent of the restructuring the industry has undergone in recent years.
Deutsche Bank, HSBC and Santander collectively paid out nearly €850mn in severance to their most senior employees — so-called material risk takers — between 2018 and 2024, according to a Financial Times analysis of regulatory fillings and company accounts.
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