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Sergio Ermotti, UBS's CEO, earned 14.9 million francs last year, making him Europe's highest-paid banking manager, sparking renewed political debate over executive salaries. A recent motion proposes capping bank managers' salaries at 5 million francs, which could hinder talent acquisition in the financial sector. Critics argue that excessive variable pay encourages risky behavior, echoing concerns from past banking crises.
Switzerland is reigniting its debate over exorbitant bank salaries, particularly focusing on UBS CEO Sergio Ermotti, whose earnings exceed five million francs. A motion from the Council of States seeks to cap bank salaries at this amount, reflecting widespread political unease about the compensation of top earners in systemically important banks. This sentiment echoes past controversies surrounding high-profile bank executives and highlights ongoing skepticism about the banking sector's culture.
In 2023, CEO salaries in Switzerland rose by an average of 5%, with UBS CEO Sergio Ermotti leading at CHF 14.5 million for just nine months in office. Following him were Novartis CEO Vas Narasimhan at CHF 13.3 million and former Nestlé CEO Mark Schneider at CHF 11.2 million. Despite public discontent over high executive pay, total remuneration for SMI CEOs has increased by a quarter over the past three years.
Daniel Vasella
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debate over high salaries for bank managers intensifies in switzerland
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debate reignites over high bank salaries in switzerland
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08:54 17.03.2025
Swiss CEO salaries rise with Ermotti leading at 14.5 million francs
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17:46 26.10.2024
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