Freshly appointed UBS CEO Sergio Ermotti (R) speaks with UBS Chairman Colm Kelleher in the course of a push meeting in Zurich on March 29, 2023.
Arnd Wiegmann | Afp | Getty Pictures
UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 right after his surprise return at the helm of the Swiss banking giant, pursuing its takeover of stricken rival Credit Suisse.
The financial institution announced in late March that Ermotti would return for a second spell as CEO, changing Ralph Hamers from April 5 previous calendar year, as UBS undertook the mammoth job of integrating Credit score Suisse’s enterprise. Ermotti’s former tenure ran from 2011 to 2020.
Hamers gained 12.6 million Swiss francs in 2022 for the duration of his very last comprehensive calendar year as CEO, according to UBS’ yearly report posted on Thursday.
The figures whole base and variable payment.
In total, the bank’s government board picked up a 140.3 million Swiss franc pay out deal in 2023, a major enhance from the preceding year’s 106.9 million francs.
Bonuses paid to workers at the new put together bank totaled $4.5 billion, UBS revealed, the the greater part of which was compensated in hard cash.
This marked a 14% reduction as opposed with the combination 2022 pool of $5.3 billion for the merged entities, as UBS appears to be like to slash fees as section of its integration of Credit score Suisse.
The lender last month reported a next consecutive quarterly reduction on the again of integration prices, but continued to deliver powerful underlying running earnings.
UBS shares have gained far more than 52% because Ermotti took the reins on April 5, 2023.
