UBS, CEO Ermotti receives almost 15 million: he is the highest paid in Europe. But overall bonuses drop by 14%

Extraordinary year for UBS, which put together a record profit thanks to the incorporation of Credit Suisse. And for the CEO of the Swiss bank, the returnee Sergio Ermotti, which in the year of the operation that upset the Swiss banking system brought compensation of 14.4 million Swiss francs (14.7 million euros), of which 12.3 million francs (12.5 million euros ) in variable compensation. Figures that make him the highest paid banker in Europe, calculates the FT, even more so if we consider that his compensation concerns precisely his nine months of service. Spread over an entire year, we should be talking about over 19 million francs.

Figures that emerge from the report to the assembly: the president Colm Kelleher he received a fixed compensation of 4.7 million Swiss francs (4.8 million euros) for the period 2023-2024.

“Sergio has committed to staying at least until the completion of the integration process, if not longer,” reads the chairman’s letter to shareholders. Which on the other hand were rewarded by a share growth of around 60% from the merger onwards.

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Overall, however, he writes the Bloomberg, UBS cut its bonuses by 14% for last year, after activities related to extraordinary operations and trading were difficult; however, the cost reduction target as part of the Credit Suisse integration is increasing.

UBS also revised its net profit slightly downward, to $27.8 billion in 2023, from the previous 29 billion due to the adjustment of estimates for the acquisition of Credit Suisse. According to UBS, the estimates made at the time of the transaction were “refined” in accordance with accounting standards. Diluted earnings per share are now $8.45. This also affects UBS’s common equity tier 1 capital ratio at the end of 2023, which now stands at 14.4%, compared to the 14.5% communicated at the beginning of February.