Swiss banker will get a full 2012 salary

Elizabeth Fournier
OUSTED Swiss banker Philipp Hildebrand will receive a full year’s salary for 2012 of around SwFr862,000 (£590,000), despite stepping down from his role as central bank governor just nine days into the year.

Hildebrand was apparently pressured to quit on Monday, after a string of emails from his personal banking adviser failed to clear up his involvement in controversial dollar trades made by his wife before the Swiss National Bank set a ceiling for the rising franc last year. He has denied any knowledge of the trades, but quit after admitting mistakes had been made.

A spokesman for the SNB was yesterday quoted as saying that Hildebrand would receive six month’s pay as notice, plus an extra six months for what is known as a “cooling off period”, which restricts the professional activities he can carry out.