Sergio Ermotti, the CEO of UBS, was the highest-paid banker in Europe in 2022. He received 14.4 million Swiss francs for his nine months of work at the bank. This was significantly higher than the compensation received by his predecessor, Ralph Hamers, who earned 12.6 million francs for a full year of work in the same year.
According to UBS’s annual report, Ermotti’s salary was equivalent to 14.7 million euros and placed him at the top of the list of highest-paid bankers in Europe. In contrast, Dimon, CEO of JPMorgan Chase in the US, earned $36 million in the same year. The reason for Ermotti’s high salary was his role as CEO during a critical period when UBS had to oversee a merger with Credit Suisse.
Despite earning more than any other European banker, Ermotti was not without controversy. In May 2022, he faced criticism from Swiss lawmakers over his handling of UBS’s relationship with tax evaders HSBC Holdings and Deutsche Bank AG. The Swiss government accused UBS of facilitating tax evasion by these banks and demanded that it repay $5 billion in unpaid taxes and penalties related to this scandal.
In conclusion, Sergio Ermotti is undoubtedly one of the most successful and well-compensated bankers in Europe today. However, his high salary has also been met with controversy due to his role in controversial deals such as UBS’s relationship with HSBC Holdings and Deutsche Bank AG.
In addition to being one of the best-paid bankers in Europe, Sergio Ermotti took on an important role at UBS after being appointed CEO in April 2021. His main responsibility was overseeing the merger between Credit Suisse, which he had previously led for nine years before stepping down.
While Ermotti’s salary was significant compared to other European bankers, it paled in comparison to that of Jamie Dimon at JPMorgan Chase in the US. Dimon earned an astonishing $36 million for his work during that same year.
However, despite earning more than any other European banker, Ermotti faced criticism from Swiss lawmakers over his handling of some controversial deals involving major banks such as HSBC Holdings and Deutsche Bank AG.
Overall, Sergio Ermotti is undoubtedly one of the most successful and well-compensated bankers in Europe today