Bloomberg News reports that UBS chief Sergio Ermotti fired back at a former Bank of England deputy governor who said bankers could cut their own pay instead of complaining about how difficult it is to make money.
“If you have that problem with compensation, let’s have a review of how the economy is compensated and not just pointing at bankers,” said Chief Executive Officer Ermotti in response to a question from Paul Tucker at a conference in London on Thursday. “This is very simplistic and it’s part exactly of the problem that was created by trying to be focused on compensation and only on compensation and mainly by people that were frustrated because they’re not making that kind of money.”
Tucker, who was sitting in the front row, said that bankers “get the profits and the taxpayers get the losses,” referring to UBS’s bailout by Switzerland in 2008. Ermotti, 57, told the ex-central banker that he should “really look at the facts” and that the country made a profit on the rescue.
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