Marcel Ospel former CEO of UBS bank is the swiss banker that the Swiss people love to hate. He was the highest paid CEO in the world. His salary amounted to 18.5 million dollars a year. The 59- year-old is the target of outrage after earning more than any other Swiss banker while running up the largest losses. Many Swiss blame Ospel for importing the American financial crisis to Zurich, and would welcome the chance to tell him so.
Ospel, who worked for Merrill Lynch & Co. from 1984 to 1987, bought New York-based broker Paine Webber Group Inc. for $11.5 billion in 2000 and oversaw the purchase of about $100 billion of U.S. asset-backed securities.
By April 2008, UBS had lost $38 billion on those securities, and shareholders applauded when Ospel stepped down as chairman at the bank’s annual meeting.
Ospel received almost 137 million francs in compensation as CEO and later chairman of UBS from 2000 through 2007. In 2006 alone, Ospel was paid 26.6 million francs in salary and bonus, 66 percent more than the 16 million francs Walter Kielholz got as chairman of Credit Suisse Group AG, Switzerland’s second- biggest bank.
Damn this is a huge salary!! What will you do if you got paid such a salay?
Source : blomberg