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UBS Chief Government Officer Earns $15.9 Million Wage Amid Credit score Suisse Consolidation

The pinnacle of UBS, Sergio Ermotti, grabbed headlines with a big paycheck of 14.4 million Swiss francs ($15.9 million) in 2023 following his unanticipated comeback to handle the Swiss monetary behemoth throughout its absorption of struggling competitor Credit score Suisse.

In a shocking twist revealed in late March, Ermotti was reinstated for a second tenure as CEO, assuming management from Ralph Hamers. This transfer got here as UBS steered by way of the intricate technique of merging Credit score Suisse’s actions into its personal. Ermotti, who beforehand led UBS from 2011 to 2020, reassumed his put up on April 5.

In accordance with UBS’ yearly report, Hamers, who served as CEO till Ermotti’s comeback, pocketed 12.6 million Swiss francs in 2022 throughout his remaining 12 months within the place.

The disclosed sums embody each mounted wage and variable remuneration.

In whole, UBS’s administration board obtained a collective compensation of 140.3 million Swiss francs in 2023, recording a notable rise from the prior 12 months’s 106.9 million francs.

The financial institution additionally revealed that rewards distributed to personnel on the united physique amounted to $4.5 billion, with the bulk disbursed in money. This marked a 14% lower in comparison with the whole fund of $5.3 billion in 2022, underscoring UBS’s efforts to handle bills through the merging with Credit score Suisse.

Regardless of grappling with integration prices leading to successive quarterly deficits, UBS sustained sturdy underlying operational income. Since Ermotti’s comeback on April 5, 2023, UBS shares have surged by greater than 52%, signaling investor religion within the management’s astute decisions.

Picture Supply: Sergio Ermotti @ LinkedIn

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