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UBS Managing Director Ermotti: Controversy over million-dollar salary
The Swiss bank boss's mega salary causes controversy at the UBS general meeting. Find out why shareholders are so outraged. #Banking world #Switzerland #UBS #Salary discussion
UBS Managing Director Ermotti: Controversy over million-dollar salary
The salary of UBS managing director Sergio Ermotti is causing a stir in Switzerland. At a general meeting, small investors heavily criticized the bank boss's salary. Ermotti, who has been in office since April 1, 2023, has reportedly already received 14.4 million francs. Of this, 1.875 million francs went to his basic salary and 12.25 million francs to bonuses.
According to reports, Ermotti's salary makes him one of the top earners in the European management scene. If all bonus requirements are met, it is estimated that his earnings could be up to 20 million francs. However, UBS shareholders expressed massive criticism of the bank boss's high salary. A shareholder group representative described the compensation as “excessive” and compared it to past scandals in the industry.
The outgoing president of the Swiss Young Socialists highlighted the glaring pay differences and pointed out that cleaners would need years to earn Ermotti's salary. Despite the strong criticism, UBS Chairman Colm Kelleher defended Ermotti's high salary. He emphasized the bank boss's performance and described his job as one of the most difficult in the banking world.
The discussion about Sergio Ermotti's enormous salary, which caused a stir at the UBS general meeting in Basel, highlights the ongoing debate about appropriate management remuneration in the financial industry. Despite conflicting opinions, the question of the fairness and proportionality of such salaries still remains.