Newly appointed UBS CEO Sergio Ermotti (R) speaks with UBS Chairman Colm Kelleher during a press conference in Zurich on March 29, 2023.
Arnd Wiegmann | Episode | Getty Images
UBS CEO Sergio Ermotti will earn 14.4 million Swiss francs ($15.9 million) in 2023 after his surprise return to the helm of the Swiss banking giant following the takeover of stricken rival Credit Suisse.
The bank announced in late March that Ermotti would return for a second stint as CEO, replacing Ralph Hamers from April 5 last year, when UBS took on the mammoth task of integrating Credit Suisse’s operations. Ermotti’s previous term was from 2011 to 2020.
Hamers earned 12.6 million Swiss francs in 2022 during his last full year as CEO, according to UBS’s annual report published on Thursday.
The figures for total basic and variable remuneration.
In total, the bank’s board of directors received a pay package of 140.3 million Swiss francs in 2023, a significant increase from the 106.9 million francs of the previous year.
Bonuses paid to employees at the new combined bank totaled $4.5 billion, UBS revealed, with the majority paid in cash.
This represented a 14% reduction compared to the total pool of $5.3 billion for the combined entities in 2022, as UBS looks to reduce costs as part of the Credit Suisse integration.
The bank reported a second straight quarterly loss last month due to integration costs, but continued to post strong underlying operating profits.
UBS shares have risen more than 52% since Ermotti took charge on April 5, 2023.