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The gift for the 8,000 Swiss UBS soldiers made headlines. “Ermotti gives employees a weekly firing salary,” the gaze captioned.
Now the SonntagsZeitung has taken the trouble to examine a second “gift” from outgoing UBS CEO Sergio Ermotti. He found amazing things.
Ermotti loosens the gold chains of deferred bonuses from all the senior cadres, except the members of his group’s leadership. These are the bonus shares that are paid out over the years.
The regulator wants to prevent “after me flood”. Only when the offers prove to be strong should the bonus dollars increase.
That made jumping difficult. Until now. Last week, UBS published the bonuses withheld, if the recipients change industries and if the errors do not arise later.
The Sunday newspaper got to the bottom of this. “All deferred bonus components for the years 2015 to 2019 do not expire if you change jobs,” the newspaper wrote yesterday.
“That costs UBS a lot of money. He’s spending $ 359 million on it in the third quarter. “
Almost 12 times what the weekly gift costs for regular UBS customers. There, the one-time expense is $ 30 million.
The story becomes revealing if, like the SonntagsZeitung, it is investigated who are the great beneficiaries of Ermotti’s parting gift.
“Only UBS employees who earn more than 300,000 francs a year receive deferred bonuses,” the newspaper writes.
He continues: “As the current quarterly report shows, $ 229 million (out of a total of 359 million) is reserved for investment bankers.”
“Only 3 million are available for the personal and corporate banking area, that is, for employees in the national market.”
Here the Masters of the Universe from Wall Street, there the ordinary people of Zurich: if the two-tier society within UBS was ever undisputed, then now.
Thanks to Ermotti. The boss, who has received around 120 million in 9 years, makes those who have never had to go hungry either.
