Newly appointed UBS CEO Sergio Ermotti (right) speaks with UBS Chairman Colm Kelleher during a press conference in Zurich on March 29, 2023.
Arnd Wiegmann | Afp | Getty Images
YBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 following his surprise return to head the Swiss banking giant following its takeover of ailing rival Credit Suisse.
The bank announced at the end of March that Ermotti would return for a second term as chief executive, replacing Ralph Hamers from April 5 last year, as UBS took on the huge task of integrating Credit Suisse’s business. Ermotti’s previous term lasted from 2011 to 2020.
Hamers earned 12.6 million Swiss francs in 2022 in his final full year as CEO, according to UBS’s annual report released Thursday.
Indicators of total base and variable compensation.
In total, the bank’s executive board received a salary package of CHF 140.3 million in 2023, a significant increase from CHF 106.9 million the previous year.
Bonuses paid to employees of the new combined bank totaled $4.5 billion, most of which were paid in cash, according to UBS.
That represents a 14% reduction from the combined companies’ combined 2022 pool of $5.3 billion as UBS seeks to cut costs as part of its integration with Credit Suisse.
Last month, the bank reported a second straight quarterly loss due to integration costs but continued to deliver strong underlying operating profit.
UBS shares have risen more than 52% since Ermotti took the reins on April 5, 2023.