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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.
UBS CEO Sergio Ermotti earned CHF 14.9 million for 2024, a slight increase from CHF 14.4 million in 2023, despite only serving nine months that year. His compensation includes CHF 2.8 million in fixed salary and CHF 12.1 million in variable pay. Meanwhile, a motion in the Council of States seeks to cap bank executives' salaries at CHF 3 to 5 million annually, potentially impacting Ermotti's future earnings.
UBS CEO Sergio Ermotti's salary for 2023 is CHF 14.4 million, drawing significant criticism and calls for transparency and a cap on bonuses. The UBS Remuneration Committee, composed of international members with limited ties to Switzerland, is under scrutiny as it decides on executive compensation amidst growing public and political pressure for reform.
UBS is facing mounting criticism over its executive pay structure, particularly as CEO Sergio Ermotti's potential salary could reach CHF 20 million, making him Switzerland's highest-paid manager. This situation raises concerns about public confidence and political intervention, especially following the recent turmoil in the banking sector. Despite the backlash, UBS maintains that its capital strength is central to its strategy, even as the debate over necessary equity levels continues.
UBS, Switzerland's largest bank, is rallying support from the business community against stricter capital requirements that could increase costs and reduce competitiveness. The bank warns that a $20 billion capital increase could lead to $2 billion in additional costs, impacting credit conditions for Swiss companies. Concerns over executive bonuses further complicate UBS's position, as high remuneration may undermine public confidence in the financial sector.
UBS is lobbying against stricter capital adequacy rules, arguing that increased equity requirements would raise costs and disadvantage them compared to international competitors. The bank warns that these costs would ultimately be passed on to clients, particularly affecting small and medium-sized enterprises (SMEs) in Switzerland. However, support for UBS is complicated by public backlash over high executive bonuses, with calls for more restraint in management remuneration to maintain trust in the Swiss financial sector.
UBS is rallying support from the business community against stricter capital requirements proposed by the Swiss Confederation, arguing that higher equity costs would burden customers, particularly SMEs. Critics highlight the disparity between astronomical executive bonuses and the need for responsible banking practices, urging UBS to adopt a more measured approach to remuneration to restore public confidence.
UBS is opposing stricter capital adequacy requirements, arguing that increased equity costs would disadvantage it against international competitors and lead to higher client fees, particularly affecting SMEs. Industry representatives support UBS but call for restraint in executive bonuses, emphasizing the need for a stable banking environment. As UBS prepares to disclose its annual report, concerns over excessive managerial salaries could impact public trust in the financial sector.
The SVP has retracted its radical proposal to break up big banks, initially called for after the Credit Suisse crisis, citing better regulatory alternatives from the Federal Council and the parliamentary commission. Thomas Matter emphasized that the new measures aim to significantly reduce risks, particularly in investment banking, without the need for drastic structural changes.
UBS CEO Sergio Ermotti defended his controversial 14.4 million franc salary for nine months of work, stating it reflects his performance and is comparable to industry standards. Despite facing criticism from political figures, he questioned why high salaries in business attract more scrutiny than those in sports and entertainment.
Thierry Burkart
People
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