Newly appointed UBS CEO Sergio Ermotti (right) talks with UBS Chairman Colm Kelleher during a press conference in Zurich on March 29, 2023.
Arnd Wegman | AFP | Getty Images
UBS Chief Executive Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after making a surprise return to run the Swiss banking giant after acquiring troubled rival Credit Suisse.
In late March, UBS announced that Ermotti would once again serve as CEO, succeeding Ralph Hamers since April 5 last year, while UBS took on the arduous task of integrating Credit Suisse’s businesses. . Ermotti’s last term was from 2011 to 2020.
Hamers earned 12.6 million Swiss francs in 2022, his last year as CEO, according to UBS’s annual report released on Thursday.
These figures total base pay and variable pay.
Total remuneration for the bank’s executive board is CHF 140.3 million in 2023, a significant increase from CHF 106.9 million the previous year.
UBS revealed that the combined new bank will pay a total of $4.5 billion in bonuses to employees, most of which will be paid in cash.
That’s a 14% decrease from the combined entity’s total of $5.3 billion in 2022, as UBS looks to cut costs as it integrates Credit Suisse.
The bank last month reported a second straight quarter of losses due to integration costs, but continued to post strong underlying operating profits.
Since Ermotti took office on April 5, 2023, UBS shares have risen by more than 52%.
