ECB Data in Sharp Contrast to Our Proprietary Bank Staff Statistics

The ECB has recently released annual bank employee numbers for 2021 for the Eurozone and its countries. As central bank data for bank staff can be tricky, we took this as an opportunity to update our proprietary German bank employee statistics for 2021 using a comprehensive bottom-up approach.

Main Takeaway

– German bank staff 2021 is down by c15.800 or 2.8% YoY, falling below 550k
– Our numbers could hardly be more different to ECB/Bundesbank data, which have German staff  2021 down by a record 40.000 or 6.6% YoY
– ECB/Bundesbank label their data as „provisional estimates“ and „not yet reliable“, but the huge difference remains a mystery for now