Newly appointed UBS CEO Sergio Ermotti (R) speaks with UBS Chairman Colm Kelleher during a press conference in Zurich, March 29, 2023.
Arndt Wiegmann | AFP | Getty Images
UBS CEO Sergio Ermotti will earn 14.4 million Swiss francs ($15.9 million) in 2023 after making a surprise return to the helm of the Swiss giant following its takeover of battered rival Credit Suisse. earned.
The bank announced in late March that Ermotti would return for a second term as CEO, replacing Ralph Hammers on April 5 last year, as UBS tackles the huge task of integrating Credit Suisse’s business. Ermotti’s previous tenure was from 2011 to 2020.
Mr Hammers earned CHF 12.6 million in 2022 during his last full year as CEO, according to UBS’s annual report published on Thursday.
This figure is the sum of base compensation and variable compensation.
The bank’s board of directors decided on a total salary of CHF 140.3 million for 2023, a significant increase from CHF 106.9 million the previous year.
UBS revealed that bonuses paid to employees of the new combined bank totaled $4.5 billion, most of which was paid in cash.
This is a 14% reduction compared to the combined pool’s total pool size of $5.3 billion in 2022, as UBS aims to reduce costs as part of the Credit Suisse merger.
The bank last month reported its second straight quarterly loss due to integration costs, but continued to deliver strong underlying operating profit.
UBS stock has risen more than 52% since Ermotti took the helm on April 5, 2023.
