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UBS CEO Sergio Ermotti's salary of CHF 14.9 million has sparked public outrage and calls for a salary cap for bankers, with critics arguing that such compensation is excessive. While Ermotti's pay includes a fixed salary of CHF 2.8 million and performance bonuses, some politicians advocate for limits to ensure moderation in executive compensation. The National Council is set to discuss a proposed cap on bankers' salaries, reflecting growing concerns over income inequality in the financial sector.
Pierre-Yves Maillard, head of the Swiss Trade Union Confederation, criticized UBS CEO Sergio Ermotti's CHF 14.93 million salary, calling it excessive and disconnected from the realities faced by most people. While some parliamentarians support capping salaries in the banking sector, others argue against intervention in the free market, emphasizing the need for shareholder influence on compensation policies. The Council of States has proposed stricter remuneration rules for systemically important banks, with a motion to limit salaries to CHF 3-5 million awaiting consideration by the National Council.
UBS CEO Sergio Ermotti earned 14.9 million francs in 2024, maintaining a similar salary to the previous year despite only nine months in the role. His compensation, which includes a fixed salary of 2.8 million and a variable portion of 12.1 million, has sparked outrage among some Swiss parliamentarians, who question the justification for such high earnings, especially given UBS's state support. The Council of States is considering a cap on banking sector salaries, while UBS defends its pay structure as aligned with performance and risk management.
Parliamentarians have expressed shock at UBS CEO Ermotti's salary of CHF 14.9 million, with calls for limits on executive pay, particularly in light of UBS's state-backed status. Critics argue such high compensation is unjustifiable, while some defend it as performance-related and necessary for attracting talent. A motion to cap banking sector salaries at 3-5 million francs is set for discussion in the National Council.
UBS CEO Sergio Ermotti's salary of CHF 14.9 million in 2024 has sparked outrage among trade unionists, with Swiss Federation of Trade Unions president Pierre-Yves Maillard calling it "shocking" and urging for salary regulations in the financial sector. Maillard argues that such excessive earnings undermine public trust and calls for increased taxation and transparency in bonus payments. In contrast, UBS Chairman Colm Kelleher defended Ermotti's compensation, labeling his role as the most challenging in global banking.
Sergio Ermotti, CEO of UBS, faced backlash for his annual salary of 14.93 million francs, which sparked outrage from socialist Pierre-Yves Maillard. He argued that such excessive compensation is unacceptable and called for limits to prevent further salary inflation among bank executives. Maillard emphasized the disconnect between high salaries and the financial realities faced by ordinary citizens, urging democratic action to impose regulations on executive pay.
The downfall of Credit Suisse (CS) and Switzerland's EU relations have highlighted the SVP's controversial role, particularly through figures like Ueli Maurer and Magdalena Martullo-Blocher, who resist EU cooperation. The complex path towards renewing treaties with the EU raises questions about future referendums and the potential for full EU membership, which remains distant. Meanwhile, the EEA option, previously rejected, could have simplified Switzerland's EU relationship, as seen with Norway and Liechtenstein.
On a pivotal Friday, discussions in Bern shifted from the downfall of Credit Suisse to Switzerland's future with the EU, highlighting the SVP's central role. Former Federal Councillor Ueli Maurer's failure to communicate during the CS crisis and Magdalena Martullo-Blocher's staunch anti-EU stance complicate Switzerland's path, as the electorate remains divided on EU relations, with a referendum looming until 2027. Meanwhile, the melancholic atmosphere surrounding Federal Councillor Ignazio Cassis contrasts sharply with the rapid decline of Credit Suisse and the uncertain geopolitical climate as Donald Trump prepares for his second term.
Elisabeth Baume-Schneider successfully advanced a major healthcare reform, achieving 53.3% approval, while facing challenges in pension policy, where her proposals were largely blocked by a conservative majority. Despite winning key healthcare votes, rising costs and a need for further reforms loom, particularly in the AHV system, which requires new funding sources by 2026.
Pierre-Yves Maillard, president of the Swiss Trade Union Confederation, expresses skepticism about the ongoing negotiations between Switzerland and the EU, highlighting concerns over weakened wage protection. He describes the discussions as a "liberalisation project" affecting various sectors, including labor and utilities. While he acknowledges some progress, he emphasizes the need for strong wage protections and warns that he would oppose any agreement that does not meet the interests of all parties involved.
Pierre-Yves Maillard
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