http://www.bbc.co.uk/news/business-12649269
So Oswald Gruebel is thought to be the only CEO of a banking firm to forgo his bonus this year. Oswald is the chief executive of UBS, a Swiss banking firm. Although UBS shares fell, they outperformed the Stoxx European Banks index' falls of 11.6%. The reason I chose this article is to ask you, if CEO's/upper level management of foreign banks can make such an intelligent sacrifice, why can't ours? Do you think we'll see something like this happen anytime to help alleviate our banking problems?
I hope so, don't you? We need this to happen in the United States to help our with our banking situation. Yet, it just seems like an American virtue to increase your own profits and forget about those who work under you. It is very honorable for him to give up $3.2 million in order for that money (hopefully) to go to a better cause of helping out the struggling banking system. It is funny that a bank that does not have sufficient funds can pay out those types of bonuses at year's end. Some people need to sacrifice their bonuses for the better of the company.
ReplyDeleteAs we see pensions vanish, isn't it a little more than coincidental that CEO's now have the highest bonuses in history? While a company's success does rely on visionary leaders and incentive, I believe this is not equitable or efficient. While it won't solve all of our problems, I certainly hope to see more CEo's doing this in the future
ReplyDeleteAlthough it won't completely fix our banking problems in the U.S. it would be good to see more of this happening. The article said he came out of retirement to run UBS two years ago. It sounds like the guy isn't in it for himself. I think forgoing a bonus is less offensive than cutting your salary to a dollar.
ReplyDeleteOther CEO's, such my main man at Costco, CEO Jim Sinegal, $350,000 salary, also partake in this practice.
ReplyDeleteBanking CEO paychecks need to be restructured all together like our tax system.
This reminds me of a video I saw of a Chinese CEO. It was showing the contrast in the life of that CEO compared to those of the US. The Chinese CEO used public transport and waited in line at a 'cafeteria' to get food.
ReplyDeleteWhile merit is also the main component in other societies, it seems to have immense importance in the American lifestyle. The idea is simple: if you worked so hard to get so high up then you get a lot more money than everyone else. I'm more interested in what body it is that decides these bonuses and what funds are previously set aside to fund these bonuses when banks and companies are failing and getting bailed out.
I dont trust 'em. Any of 'em. Didnt UBS just get sued by the US government for helping Americans hide assets to avoid paying millions in taxes?? I dont trust 'em.
ReplyDeleteI think this would be a step in the right direction in regards to our banking problems here in the US. But I simply do not see this happening. Aren't we known to be a culture who only cares about ourselves?? Why would these bank CEO's here in the US cut their own salaries? (that won't benefit them). Besides that, I'm on board with Richard, at the end of the day I don't trust any of them.
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