Zürcher Kantonalbank (ZKB) has frozen bonuses for 2023 at the same level as the previous year, despite a 17% rise in net profit.
The bank, which had a net profit of 1.24 billion Swiss francs last year, said it was suspending variable compensation because it was “too high” despite current total compensation being in line with the market.
As a result, CEO Urs Baumann received CHF 2.65 million in 2023 (excluding pension payments), compared to the CHF 2.79 million received by his predecessor Martin Scholl in 2022.