Freshly appointed UBS CEO Sergio Ermotti (R) speaks with UBS Chairman Colm Kelleher throughout a press meeting in Zurich on March 29, 2023.
Arnd Wiegmann | Afp | Getty Illustrations or photos
UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 following his surprise return at the helm of the Swiss banking large, following its takeover of stricken rival Credit rating Suisse.
The lender announced in late March that Ermotti would return for a second spell as CEO, changing Ralph Hamers from April 5 last calendar year, as UBS undertook the mammoth task of integrating Credit Suisse’s organization. Ermotti’s preceding tenure ran from 2011 to 2020.
Hamers attained 12.6 million Swiss francs in 2022 during his very last entire 12 months as CEO, in accordance to UBS’ once-a-year report published on Thursday.
The figures overall foundation and variable payment.
In whole, the bank’s executive board picked up a 140.3 million Swiss franc pay package deal in 2023, a significant maximize from the former year’s 106.9 million francs.
Bonuses paid to staff members at the new combined financial institution totaled $4.5 billion, UBS uncovered, the bulk of which was paid in cash.
This marked a 14% reduction as opposed with the aggregate 2022 pool of $5.3 billion for the combined entities, as UBS seems to be to slice fees as part of its integration of Credit rating Suisse.
The lender very last month reported a second consecutive quarterly reduction on the again of integration expenses, but continued to provide robust underlying working profits.
UBS shares have obtained far more than 52% considering the fact that Ermotti took the reins on April 5, 2023.