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Upon Returning To UBS, The Chief Executive Officer Was Paid $15.9 Million

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Upon Returning To UBS, The Chief Executive Officer Was Paid $15.9 Million

(CTN News) – Following the takeover of stricken rival Credit Suisse in 2023, UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after his surprise return to the helm of the big Swiss bank.

Ermotti will return as UBS’ CEO for a second term, replacing Ralph Hamers who stepped down on April 5 last year as Credit Suisse was integrated into UBS. His previous tenure spanned from 2011 to 2020.

During his last full year as CEO of UBS, Hamers earned 12.6 million Swiss francs, according to the bank’s annual report published on Thursday which details the earnings of its top executive.

It is important to note that these figures are the total compensation, both base and variable.

A total of 140.3 million Swiss francs was paid out in 2023 as part of the compensation package for the bank’s executive board, a significant increase compared to 106.9 million Swiss francs paid out in the previous year.

The amount of bonuses paid to employees at the new combined bank totaled $4.5 billion, UBS revealed, most of which were paid as cash bonuses.

Compared with the combined pool of $5.3 billion for the combined entities of the combined entities in 2022, this is a reduction of 14%, as looks to cut costs as part of the integration process of Credit Suisse.

In its last quarter’s results, the bank reported a second consecutive quarterly loss, primarily due to integration costs, but continued to deliver a strong underlying operating profit on the back of strong business development.

During the period since Ermotti took charge on April 5, 2023, UBS shares have increased by more than 52%.

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