Newly selected UBS CEO Sergio Ermotti (R) speaks to UBS Chairman Colm Kelleher throughout an interview in Zurich on March 29, 2023.
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UBS CEO Sergio Ermotti made 14.4 million Swiss francs ($159 million) in 2023 after his surprise return at the helm of the Swiss banking giant, following its takeover of stricken competitor Credit Suisse.
The bank revealed in late March that Ermotti would return for a 2nd spell as CEO, changing Ralph Hamers from April 5 in 2015, as UBS carried out the massive job of incorporating Credit Suisse’s service. Ermotti’s previous period ranged from 2011 to 2020.
Hamers made 12.6 million Swiss francs in 2022 throughout his last complete year as CEO, according to UBS’ yearly report released on Thursday.
The figures amount to base and variable payment.
In overall, the bank’s executive board got a 140.3 million Swiss franc pay bundle in 2023, a substantial boost from the previous year’s 106.9 million francs.
Bonuses paid to workers at the brand-new combined bank amounted to $4.5 billion, UBS exposed, most of which was paid in money.
This marked a 14% decrease compared to the aggregate 2022 swimming pool of $5.3 billion for the combined entities, as UBS seeks to cut expenses as part of its combination of Credit Suisse.
The bank last month reported a 2nd successive quarterly loss on the back of combination expenses, however continued to provide strong hidden operating revenues.
UBS shares have actually acquired more than 52% given that Ermotti took the reins on April 5, 2023.
