Sergio Ermotti, CEO of UBS, received a total compensation of 14.4 million Swiss francs ($15.9 million) in 2023, marking his return to helm the Swiss banking giant after it acquired Credit Suisse.
Ermotti resumed his role as CEO in April 2023, succeeding Ralph Hamers, who earned 12.6 million Swiss francs in 2022.
UBS’s executive board received a total pay package of 140.3 million Swiss francs in 2023, representing an increase from the previous year’s figures.
Financial Performance and Market Response
The bank disclosed that bonuses paid to employees at the combined entity totalled $4.5 billion, primarily in cash, reflecting a 14% reduction compared to the previous year’s pool.
Despite integration costs, UBS reported strong underlying operating profits, albeit with a second consecutive quarterly loss.
Since Ermotti assumed leadership in April 2023, UBS shares have surged by over 52%, indicating positive investor sentiment and confidence in the bank’s direction under his leadership.
