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:
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.