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Daily Digit: UBS boss' pay cheque

Thursday, March 14, 2013 - 01:06

March.14 - UBS paid CEO Sergio Ermotti almost $9 million and welcomed its new investment bank chief with a $26 million ''golden hello'' in 2012, the same year the bank announced plans to fire 10,000 staff in a cost-cutting drive. Joel Flynn reports.

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$9 million is today's Daily Digit in Europe. That's the amount UBS paid its CEO Sergio Ermotti last year. The salary was on top of a $26 million "golden hello" and will raise eyebrows in its home country. Last year the Swiss bank announced plans to fire 10,000 staff in a cost-cutting drive and said it would have to pay $1.5 billion for its role in the Libor rate-rigging scandal. Bankers' pay has also been a big issue in Switzerland where voters recently gave shareholders a binding vote on remunerations The tiny country now has the world's strictest controls on executive pay. Five years ago UBS was on the verge of collapse. Many blamed the culture of big bonuses - and one rogue trader lost the bank $2 bln. Ermotti was appointed in 2011 to sort out the mess. But there's also anger over a $4.2m joining fee for chairman Axel Weber. A third of shareholders opposed it - their next meeting in May is likely to have executive pay high on the agenda.

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Daily Digit: UBS boss' pay cheque

Thursday, March 14, 2013 - 01:06