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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.
Thomas Stettler
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lawmakers call for limits on excessive bank executive salaries
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19:51 17.03.2025
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parliamentarians express outrage over high salary of UBS CEO Ermotti
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