Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Swiss Pay Gap Widened at UBS, Swatch Last Year, Report Shows

The pay gap between salaries awarded to top management and the lowest-earning employees increased at Swiss companies last year, according to a worker interest group.

At 18 of the 27 companies surveyed the pay gap between the executive board and lowest-paid workers widened, Travail Suisse, an umbrella organization of trade unions, said in a statement on its website today. Roche Holding AG, Novartis AG, Nestle SA, UBS AG and Lindt & Spruengli AG “stand out with wage gaps of over 1:200,” meaning that top earner gets 200 times more than the lowest-paid employee, it said. At UBS the gap widened to 1:229 in 2013 from 1:177 the previous year, while at Swatch Group AG Chief Executive Officer Nick Hayek’s ratio increased to 1:151 from 1:137.

In November, Swiss voters rejected a proposal to limit executives’ pay to 12 times that of junior employees, after earlier last year passing a referendum to implement “fat-cat” rules, giving investors a greater say on executive salaries. Travail.Suisse argues the latter initiative, which was proposed by Thomas Minder to eliminate sign-on bonuses, severance packages, and extra incentives for merger transactions, has had little impact.

“The fat-cat initiative certainly won’t solve the problem,” the Bern-based organization said. “In the first year after its adoption the pay gap of the corporate management widened almost all over the country.”

The salaries of CEOs became a sore point with the Swiss public after UBS, the country’s biggest bank, was bailed out in 2008 and after drugmaker Novartis proposed and later abandoned a plan to pay as much as $78 million to outgoing chairman Daniel Vasella in 2013.

UBS, Switzerland’s biggest bank, in March boosted CEO Sergio Ermotti’s compensation by 21 percent to 10.73 million Swiss francs ($12 million), the last time the decision will fall exclusively on the bank’s board as the Swiss governance rules change.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.