The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

UniCredit's Mustier: How to get not paid

UniCredit's CEO puts his money where his mouth is.

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.

Jean Pierre Mustier,

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.

Mustier has already made several pay-related gestures since rejoining the Italian bank as CEO in 2016, when he slashed his own annual salary by 40% from what his predecessor had been paid, reducing it to €1.2 million. 

He also ditched his annual bonus until at least the end of the Transform 2019 strategy plan, and he removed his right to severance pay in the event of leaving the bank.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree