UniCredit’s Mustier: How to get not paid

Jean Pierre Mustier has found a new way of not getting paid – or rather, not getting paid just yet.

Famous for having refused his bonus and taken a 50% salary cut in the wake of the €4.9 billion rogue trading scandal that left Société Générale reeling back in the days when he ran that firm’s investment bank, it now emerges that he is going to spend one year’s salary increasing his exposure to UniCredit, the bank he now heads as chief executive.

On November 8, UniCredit announced Mustier would invest €600,000 in UniCredit shares and a further €600,000 in the bank’s additional tier-1 (AT1) paper.