Newly appointed UBS CEO Sergio Ermotti (right) speaks with UBS President Colm Kelleher during a press conference in Zurich, March 29, 2023.
Arnd Wiegmann | Af | Getty Images
CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after making a surprise return to the helm of the Swiss banking giant following its takeover of stricken rival Credit Suisse.
In late March, the bank announced that Ermotti would return for a second term as CEO, replacing Ralph Hamers since April 5 last 12 months, when UBS took on the mammoth task of integrating Credit Suisse’s operations. Ermotti’s previous term lasted from 2011 to 2020.
UBS’s annual report published on Thursday shows that Hamers earned 12.6 million Swiss francs in 2022 during his last full 12 months as CEO.
The total base and variable remuneration are provided.
In total, the bank’s management board received a remuneration package price 140.3 million Swiss francs in 2023, which is a significant increase compared to 106.9 million francs in the previous 12 months.
Bonuses paid to employees of the recent combined bank totaled $4.5 billion, UBS revealed, most of which was paid in money.
This represented a 14% reduction from the combined entity’s combined 2022 pool of $5.3 billion as UBS looks to cut costs as part of its integration with Credit Suisse.
Last month, the bank reported its second consecutive quarterly loss due to integration costs, but continued to post solid operating profits.
UBS shares have gained greater than 52% since Ermotti took the helm on April 5, 2023.
