Why This Guy Is UBS's Highest Paid Banker After Working There For Just Over One Year

Carsten Kengeter

UBS’s best i-banker, Carsten Kengeter, was paid a bonus and salary package in 2009 worth £8.2m.According to The Telegraph, that means Kengeter made more than any other board member of the bank. He got almost four times the amount that CEO Oswald Grübel was paid (£3 million). (He waived this year’s bonus.)

Kengeter’s contract, which he signed when he joined the bank just in 2008, only entitles him to $10 million for three years. So why all this money?

In a statement in its annual report, UBS says Kengeter deserves so much for three reasons:

1. Drive

2. Leadership

3. Impact

Very specific. Here are the details we do know:

UBS hired Kengeter from Goldman Sachs, where he ran the Asian trading operations.

His first job was to fix UBS’s loss-making fixed income, currencies and commodities business. The bank soon promoted him to the co-chief executive of UBS’s investment banking division.

In short, we have no idea why he was paid so much.

Read more in the Telegraph.

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