Sergio Ermotti, the CEO of UBS, has faced criticism for his high salary, which reached 14.4 million francs in 2023. Critics argue that such excessive compensation undermines public trust in the banking sector.
Ermotti, however, remains unfazed by the backlash, asserting that he understands the value of money, having started his career with a modest apprentice salary of 350 francs. He believes that high salaries in the financial sector should not be scrutinized more than those in sports and entertainment.
Ermotti is confident in the progress of integrating Credit Suisse into UBS, despite the complexities involved. He highlights the financial stability of the newly formed UBS, with a combined balance sheet that is approximately 60% lower than before the 2008 financial crisis. This reduction positions UBS as a more resilient institution, equipped with nearly $200 billion in capital to absorb potential losses.
Ermotti dismisses claims that UBS has become too powerful, emphasizing the competitive environment in Switzerland's banking sector, which is home to over 200 banks. He advocates for targeted and proportionate regulation that does not stifle innovation or competitiveness.
Looking ahead, Ermotti is optimistic about the future of UBS and the global banking industry. He believes that major banks have learned from past crises and are now factors of stability. UBS aims to contribute positively to the Swiss economy through job creation and tax contributions.
Overall, Ermotti's leadership at UBS is characterized by a commitment to navigating challenges, addressing public concerns, and promoting stability, responsible regulation, and competitive integrity.