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NatWest Markets' traders are getting a 30% pay rise after a quietly strong year

It's an open secret that some of the best macro traders in London are sitting on the NatWest Markets trading floor on London's Bishopsgate. And given that 2022 was an exceptional year for macro traders, it's hardly surprising that today's NatWest results reveal a generous increase in top performers' pay.

There are 95 material risk takers (MRTs) at NatWest Markets and for 2022 they received average total compensation (salary plus bonus) per head of £863k ($1m). 

This was a 32% increase on the £654k average they were paid in 2021, and 23% more than the £699k they received in 2020. 

NatWest's generosity is evident in its public disclosure of the number of employees receiving more than €1m in pay. As per the chart below, this has risen from 64 in 2020 and 63 in 2021, to 81 for last year.

The presumption is that NatWest traders did very well to justify this generosity, but their actual performance is obfuscated by the fact that NatWest Markets is now part of the commercial and institutional banking division and no longer breaks out trading revenues as it did in the past. 

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Photo by Philip Veater on Unsplash

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AUTHORSarah Butcher Global Editor

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