UBS CEO Sergio Ermotti made the information by incomes a considerable paycheck of 14.4 million Swiss francs ($15.9 million) in 2023 after his surprising return to steer the Swiss banking big throughout its acquisition of troubled rival Credit score Suisse.
In a shocking transfer introduced in late March, Ermotti was reinstated for a second time period as CEO, taking on from Ralph Hamers. This determination got here as UBS navigated the advanced activity of merging Credit score Suisse’s operations into its personal. Ermotti, who beforehand headed UBS from 2011 to 2020, resumed his place on April 5.
As per UBS’ annual report, Hamers, who was CEO till Ermotti’s return, earned 12.6 million Swiss francs in 2022 throughout his closing yr within the function.
The disclosed quantities embody each base wage and variable compensation.
In whole, UBS’s govt board obtained a complete compensation of 140.3 million Swiss francs in 2023, exhibiting a major enhance from the earlier yr’s 106.9 million francs.
The financial institution additionally disclosed that bonuses given to workers on the mixed entity totaled $4.5 billion, with most of it paid in money. This was a 14% lower in comparison with the overall pool of $5.3 billion in 2022, reflecting UBS’s efforts to manage prices through the integration with Credit score Suisse.
Regardless of dealing with integration bills that resulted in consecutive quarterly losses, UBS maintained robust underlying working earnings. Since Ermotti’s return on April 5, 2023, UBS shares have elevated by over 52%, indicating investor belief within the management’s strategic choices.
Picture Supply: Sergio Ermotti @ LinkedIn
