UBS chief’s surprise return to the Swiss banking giant bagged him a $15.9 million paycheck

UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after his shock return on the helm of the Swiss banking large, following its takeover of stricken rival Credit score Suisse.

The financial institution introduced in late March that Ermotti would return for a second spell as CEO, changing Ralph Hamers from April 5 final 12 months, as UBS undertook the mammoth activity of integrating Credit score Suisse’s enterprise. Ermotti’s earlier tenure ran from 2011 to 2020.

Hamers earned 12.6 million Swiss francs in 2022 throughout his final full 12 months as CEO, in line with UBS’ annual report revealed on Thursday.

The figures whole base and variable compensation.

In whole, the financial institution’s govt board picked up a 140.3 million Swiss franc pay package deal in 2023, a big improve from the earlier 12 months’s 106.9 million francs.

Bonuses paid to staff on the new mixed financial institution totaled $4.5 billion, UBS revealed, the vast majority of which was paid in money.

This marked a 14% discount in contrast with the mixture 2022 pool of $5.3 billion for the mixed entities, as UBS appears to be like to chop prices as a part of its integration of Credit score Suisse.

The financial institution final month reported a second consecutive quarterly loss on the again of integration prices, however continued to ship sturdy underlying working income.

UBS shares have gained greater than 52% since Ermotti took the reins on April 5, 2023.