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UBS CEO Sergio Ermotti earned 14.9 million Swiss francs in 2024, including a fixed salary of 2.8 million and bonuses of 12.1 million. His remuneration, a 4% increase from the previous year, has sparked criticism and debate over high bonuses in Switzerland, especially as it remains lower than some German CEOs. A parliamentary proposal to cap bankers' salaries at 3 to 5 million Swiss francs could significantly impact UBS if approved.
UBS CEO Sergio Ermotti's salary of 14.9 million Swiss francs (15.5 million euros) has sparked controversy, as it equates to 42,500 euros per day, mirroring the average annual salary of a Belgian worker. Despite criticism from Swiss officials regarding excessive executive pay, UBS's share price has surged by 62% since his appointment in April 2023. The broader management team's remuneration also rose significantly, totaling 149 million euros, prompting discussions about limiting executive salaries in Switzerland.
The National Council has approved motions from the Parliamentary Commission of Inquiry regarding the Credit Suisse/UBS merger, emphasizing the need to strengthen capital regulations and FINMA's role. Finance Minister Karin Keller-Sutter acknowledged intense lobbying from UBS but affirmed the government's commitment to protect taxpayers and prevent future banking crises. The Federal Council will present new guidelines for the "Too big to fail" strategy by early summer, though no guarantees against crises can be made.
Switzerland's Finance Minister Karin Keller-Sutter dismissed UBS Group AG's lobbying against stricter capital requirements, emphasizing the government's duty to protect taxpayers. The proposed regulations aim to ensure UBS can be effectively managed in a crisis, potentially requiring an additional $25 billion in capital. While acknowledging public frustration over banker bonuses, Keller-Sutter stated the government does not support capping remuneration for bankers.
Switzerland's Finance Minister Karin Keller-Sutter stated that the government will not be influenced by UBS Group AG's lobbying against stricter capital requirements. The focus is on ensuring UBS can be effectively wound down in a crisis, with discussions on imposing tougher capital rules that could require an additional $25 billion. While acknowledging concerns over banker bonuses, the government does not support capping remuneration for bankers.
UBS's chairman and CEO have dismissed concerns about the bank's size following its acquisition of Credit Suisse, arguing that UBS's low-risk model and high asset quality make it safer than its predecessor. They emphasized the importance of maintaining competitiveness while supporting measures to enhance financial system resilience. UBS reported a profit of $5.1 billion for 2024 and proposed a dividend payout of $0.90 per share for shareholders.
Federal Councillor Karin Keller-Sutter addressed concerns over UBS's lobbying against stricter capital requirements, emphasizing the need to protect taxpayers and ensure a stable financial system. While acknowledging ongoing communication with UBS, she rejected a proposed salary cap for bank executives, advocating instead for accountability measures. The Federal Council aims to prevent future crises like the Credit Suisse collapse by ensuring that systemically important banks can be resolved effectively.
UBS faces a critical debate over its capital requirements following its takeover of Credit Suisse, with the bank arguing it is well-capitalized while economists demand 100% backing for foreign subsidiaries. The potential cost of this requirement could reach CHF 22 billion, impacting dividends and share buybacks, which UBS warns would diminish its attractiveness to investors and competitiveness. The discussion highlights the tension between ensuring financial stability and the economic implications for the bank and Swiss economy.
UBS's chairman and CEO have dismissed concerns about the bank's size following its acquisition of Credit Suisse, arguing that UBS's low-risk model and high asset quality make it safer than its predecessor. They support measures to enhance financial system resilience but caution against excessive capital requirements that could hinder competitiveness. UBS reported a profit of $5.1 billion for 2024 and proposed a dividend of $0.90 per share for shareholders.
UBS's chairman and CEO have dismissed concerns about the bank's size following its acquisition of Credit Suisse, arguing that UBS's low-risk model and high asset quality make it safer than its predecessor. They emphasized the importance of maintaining competitive capital requirements while supporting government proposals for a more resilient financial system. UBS reported a profit of $5.1 billion for 2024 and plans to distribute a $0.90 per share dividend to shareholders.
Colm Kelleher
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