In the Corona News avalanche it goes
Almost news of the top salaries for the Julius Baer bosses
under. It has it all.
Switzerland’s largest and most important private bank gilds its management staff as if there were no crisis.
The full program, from sumptuous
Basic salary for great flat-rate expenses at high success fees.
Golden Hellos should not be missing. Risk manager Oliver Bartholet, who switched from UBS to Julius Baer in 2018, received CHF 3.1 million from his new bank, as was stated in the remuneration report a year ago.
Sheer madness. Bartholet is a lawyer, doctor, staff member. He has never had a large front unit, moves in the background, has to know and implement the laws and regulations.
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Why exactly does Bär-Bank buy him with over 3 million? Is he a messi in the financial industry?
A spokeswoman emphasizes that these are compensation payments for claims that Bartholet has lost at UBS. That is not a “start bonus”.
You can’t believe your eyes. But the Bartholet Welcome Bonus fits into the image of a bank that fires hundreds of employees below and celebrates a party upstairs as if the world wasn’t on fire.
The current remuneration report, which the bank published this morning, shows a wide gap between the crew and the top.
The new CEO, Philipp Rickenbacher, who hardly ever saw an important customer in his entire career, instead tinkered with products and painted Powerpoints, was compensated with a whopping 4.4 million in 2019.
For 4 months in the CEO chair. This means that he will earn a lot more this year because he will then be in the executive role for 12 instead of just 4 months.
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Rickenbacher’s predecessor Bernhard Hodler is not neglected either. For him, there are 3.6 million for partial use from January to August 2019. Short year, mega wages, so the slogan for the top Bär staff.
Hodler, as the risk manager at the time, was responsible for the bank’s money laundering scandals, from FIFA to PDVSA. The Finma has massively punished Julius Baer for this.
This is reflected in the wages and bonus of
Hodler down? On the contrary, the man earns top income.
Now he can enjoy his free time. Without stress. This is huge at Bär. The stock is in free fall.
The warm bonus rain for the high-paying bear generals contrasts with the conditions in the machine room of the bank.
In the commercial center and back office in the suburb of Altstetten as well as in the headquarters on Zurich’s noble Bahnhofstrasse, there is stress and bustle among the popular people.
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In an emergency, people contact their previously extremely wealthy private customers in order to ultimately request more security for securities loans. If the clientele does not arrive at the express pace, it means liquidating.
Sale of shares, bonds, strukis, foreign exchange, precious metals – all so that the bear just doesn’t get under water himself.
Meanwhile, the string concert continues at the jobs. CEO Rickenbacher recently made this clear on Bloomberg-TV.
Those who can stay from the crew have to prepare for less bonus. There it means tightening your belt. No mercy below, big bonanza above – that is the motto at Edel Bank.
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