Saturday, 4th July 2009
Peter Kurer, the new chairman of Swiss bank UBS, said he will have a salary of Sfr10m (£5m), less than half as much as his predecessor Marcel Ospel.
Kurer told a Swiss newspaper that while he did not know the exact figure he would earn, as it partly depends on performance. He said the bank acknowledged bonuses would be below levels seen before the credit crunch.
Ospel reportedly earned around £13m a year.
Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.
Donald Trump set a record when he sold a house for $95 million last year. It was, he proudly pointed out, the largest amount paid in the U.S. for a single-family home.
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