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Since 2011, the base salary of the UBS boss is CHF 2.5 million. This also applies to Super-Sergio Ermotti (62), who will become CEO of the new XXL-UBS starting next week. He earned more than CHF 3.8 million as Chairman of the Board at Swiss Re. But it should not stay at 2.5 million francs in UBS. There’s still a bonus if Ermotti meets the requirements.
CEO Ralph Hamers (57) received 11.5 million francs last year. 9 million francs means bonus. Ermotti had a jackpot of approximately 11 million francs in his final year as UBS boss in 2020. It remains unclear how high the jackpot will be this year. After all, UBS is gaining considerable weight with CS.
Hamers became the highest paid banker ever in Switzerland. Martin Scholl (60) was chairman of ZKB until last August. He received 2.64 million francs in his last year. Raiffeisen and Postfinance bosses earn less.
Highest salaries in the USA
Fyou By Swiss standards, Hamers and Ermotti earn very well. But in the US the top bankers earn significantly better. Jamie Dimon, 67, chairman of major American bank JP Morgan Chase, pocketed 30 million francs in 2022. Bank of America CEO Brian Moynihan (63) earned nearly 30 million francs and Citigroup CEO Jane Fraser (55) earned over 20 million francs.
When measured by their total assets, these US banks are among the ten largest in the world. You also have many more employees than Ermotti: JP Morgan has more than 270,000 employees, while Bank of America has just over 210,000.
The new XXL-UBS just can’t keep up. UBS currently employs about 75,000 people, while CS employs about 50,000. How many jobs will remain after the merger is still open – it could be tens of thousands less.
Bonus limit for UK bankers
It’s also worth taking a look at Great Britain: If you look at the balance sheet total, it’s about the same size as HSBC Bank of America. When it comes to fees, there are completely different dimensions. HSBC CEO Noel Quinn (62) has to settle for “only” 6 million francs. It also manages more than 230,000 employees.
This is because bonuses have been capped since the 2008 financial crisis in the EU. Accordingly, cash and share bonuses cannot be more than twice the annual salary. However, the UK is said to want to repeal the regulation. After all, the island no longer belongs to the EU since Brexit in 2020. In Switzerland, too, since the CS debacle, calls for stricter bonus regulations have become louder.
But the world’s four largest banks are neither in the UK nor the US, but in China. But how much Chinese bank bosses earn is not entirely transparent.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
