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Ralph Hamers (54) has been the official CEO of UBS for two weeks. The Dutchman has replaced veteran coach Sergio Ermotti (60). The two-month induction phase ended on November 1. Ermotti is gone. One question remains: Does Hamers earn as much as his predecessor?
Ermotti received more than 10 million francs. A mega salary. With his former employer, the Dutch bank ING, Hamers earned just over 2 million francs. At the big UBS bank, Hamers not only cares for the super-rich, but is also becoming one. In any case, you should earn five times more at your new employer than at ING.
“The same applies to our new CEO as to the previous CEO and to all of our employees: we pay based on performance. Mr. Hamers will receive the same base salary as his predecessor, the variable component depends on his performance, ”said Axel Weber (63), Chairman of the Board of UBS, in an interview with“ NZZ am Sonntag ”. By the way, as a global bank, you are also in global competition. “The financial sector in the United States is an important pacemaker and I do not expect any fundamental change in wages there.”
Weber reassures those who fear for their work
Weber shows that there will be no fundamental changes in the number of jobs and branches. Despite the weak economy due to the Corona crisis, UBS is not currently planning any job cuts. The big bank does not want to face uncertain times with a moderate economic outlook behind the back of its employees.
UBS employs 70,000 people around the world, including 21,000 in Switzerland. The UBS president is resisting pressure from investors and analysts who criticize the big bank’s costs for being too high.
UBS operates 240 branches in Switzerland, while Credit Suisse has 120 throughout Switzerland. Hamers considers himself a digitizer. But even here, the big bench keeps the ball flat. “What matters is what our customers want. The digital use of our offers is in advance. So we will continue to expand this, ”says Weber.
Finally, he also commented on the rumors of a merger with Credit Suisse. UBS is not looking for a partner. She is strong enough to shape her future alone.
