The move from ING CEO Ralph Hamers to the Swiss UBS Bank, which was announced on Wednesday, will not harm him. The CEO can earn seven to eight times more at his new workplace than he does now.
The UBS annual report shows that the predecessor of Hamers, Sergio Ermotti, raised 13.2 million euros in 2018. The majority of these came from bonuses. The ING CEO earned 1.75 million euros that same year. Hamers did not receive a bonus because of the money laundering fine for the bank. In 2018, Ermotti therefore earned more than seven times more than Hamers.
One of the reasons why Hamers' salary is so much lower is a law in the Netherlands that prohibits bankers from receiving a bonus that is 20 percent higher than the base salary.
The salary of the departing ING CEO was still the subject of discussion two years ago. ING wanted to increase Hamers' salary by 50 percent.
Jeroen van der Veer, then chairman of the bank's supervisory board, did not think the wage increase was strange. "Hamers is Premier League, but Jupiler League is paid," he said at the time. After a wave of criticism, including from politics, ING decided to withdraw the salary increase.