UBS still pays better than Credit Suisse

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None of these general managers have completed a full year. But that does not prevent the comparison of their wages last year. And it is largely in favor of UBS, against Credit Suisse. Appointed at the head of the latter in mid-February 2020, Thomas Gottstein received 8.5 million francs, according to the annual report published on Thursday. It is the first time in 10 years that the remuneration of the boss of the second Swiss bank is below 10 million.

This publication does not give any information on a possible remuneration of his predecessor, Tidjane Thiam, who resigned following an employee spy scandal. The message is even ambiguous, since the text says, on the one hand, that “no compensation payment was made to the former members of the management who left Credit Suisse, which was already the case for 2019”. And on the other hand, an envelope of 11.9 million is allocated to newcomers and executives who have left the top management of the bank, so part could have been allocated to Tidjane Thiam. He had received 10.7 million in 2019. By comparison, Sergio Ermotti had already been better paid that year, receiving 12.5 million.

Best results in 2020 for UBS

The first Swiss bank had already published information on the salaries of its most important executives. Sergio Ermotti pocketed 13.3 million before retiring last November. His successor, Ralph Hamers, in office for less than four months, earned 4.2 million.

Read also: Bonus up 24% at UBS for covid year

The chairman of Credit Suisse, who will pass the baton during the general meeting, Urs Rohner received 4.7 million francs. Across the Paradeplatz, UBS President Axel Weber received 5.2 million francs. On the bonus side for all employees, the total is close to around 3 billion for the two banks. UBS has 72,887 employees, compared to 48,770 for Credit Suisse.

It should be noted that UBS welcomed a prosperous 2020, despite the covid crisis. Its profit jumped 47% to just over $ 6 billion. Credit Suisse, for its part, had to record new reserves due to a dispute dating from the financial crisis. Net profit therefore fell 22% to 2.7 billion.

Also read: The affairs of the past still haunt Credit Suisse