UBS Chief Executive in Pay Spat
Sergio Ermotti chief executive of UBS sparred with a former central banker on levels of remuneration to bankers.
Sir Paul Tucker, formerly a senior official at the Bank of England during the global financial crisis, commenting on bankers pay, said bankers at UBS had reaped rewards when times were good and the taxpayer had borne the losses when Switzerland’s biggest bank had to be bailed out.
The pair squared off at an annual banking summit in London the Financial Times (behind paywall) reports. The pair exchanged barbs before Ermotti said: «I think this discussion is made by people who are maybe frustrated that they do not make that kind of level of money.»
Fighting Talk
The UBS CEO has been in a combative mood recently and raised eyebrows by saying that there is not 100 percent guarantee that UBS will remain in Switzerland.
He drew parallels between Sweden's Nordea Bank, which opted to shun Stockholm in favor of Finnish headquarters. Ermotti is unhappy about increasing Swiss banking regulation.
Ermotti received 13.7 million Swiss francs in compensation in 2016, the highest amount of any member of the UBS executive, the annual report of the banking giant showed. In 2015, Ermotti took home 14.3 million.
