The UBS top was in Paris before
Annual penalty of around CHF 5 billion and damages
convicted of black money.
The bank’s owners then refused to de-charge their top delegates. A unique process, a clear vote of no confidence.
Receives Sergio Ermotti as the most important
Man less accordingly? Half, a quarter of the previous one
Salary and bonus?
Nothing like that. Instead of the 14.1
Millions for 2018 are now 12.5 million for the year
2019. A homeopathic minus that hardly affects Ermotti.
We are talking about the UBS annus horribilis, which can put the bank in dire straits if the revision process is lost.
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But the ruble is rolling. In addition to Ermotti, the entire UBS group management, which is jointly responsible for everything, was kept happy with 102 fresh millions.
That is almost 2 million more
than the year before.
It gets better. Iqbal Khan, who switched from CS to UBS on the fly and started his job there as co-chief private banking in the middle of a spy affair on October 1, was greeted with gold.
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8 million welcome bonus. Before
who was in his mid-forties for the first time
he’s already a multi-millionaire, donated by his new company.
Khan was also good at the CS
earned several million a year. He could with one
Mini notice period of 3 months jump to archrival, him
no stones were put in the way.
And then 8 million “one-time replacement award”: Khan in luck.
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The trip to Paris, the weakness in
Private banking, the jump off potential CEO successors, that much
at high cost, the bum in the store, the stock that far away
of all tolerable is:
Everything doesn’t matter. Ermotti collects. Year after year, sometimes a little more, sometimes a little less. Since taking over the helm in Ticino in autumn 2011, he has received more than 100 million from his employer.
Ermotti’s balance sheet is listed in its 300 richest edition in the category of the 100 to 150 million wealthy.
Ermotti is just an employee. An important one who can make a difference.
Make a deal with Paris, make UBS dynamic, grind internal kingdoms, make good purchases.
If Ermotti is UBS, then at least
world’s largest manager of private client assets, into one
thriving bank with a future, he would have his
Earned millions.
In fact, UBS needs a new man from the outside who has to free the bank from its lethargy. Otherwise, UBS will remain a tanker with no direction and a sad share.
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So Ermotti did not meet. And yet he became infinitely rich. He fetched Iqbal Khan and showered him with 8 million Golden Hello.
Under Ermotti, the head of law, who is responsible for Paris, became a rich man, with several million a year for a back office job.
Conversely, total compensation remained practically the same, but the workforce increased by 2,000 people to 68,000 employees.
This means that the total compensation per UBS employee fell.
The bonuses are kept low and for the simple cadres. The normalos earn less.
Party upstairs, tribulation downstairs.
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The man who allows all of this is called Axel Weber. He has been the president of UBS since 2012. Why did Weber never say stop?
Perhaps because he himself can do big things.
Weber, a former official of the German central bank, has received around 50 million in his presidential chair over the past 8 years.
Half an Ermotti. Not bad either.
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