Newly appointed UBS CEO Sergio Ermotti (right) speaks with UBS Chairman Colm Kelleher during a press conference in Zurich on March 29, 2023.
Arend Wegman | AFP | Getty Images
UPS CEO Sergio Ermotti will receive 14.4 million Swiss francs ($15.9 million) in 2023 following his surprise return at the helm of the Swiss banking giant, following its takeover of stricken rival Credit Suisse.
The bank announced in late March that Ermotti would return for a second term as CEO, replacing Ralph Hammers effective April 5 last year, as UBS took on the massive task of integrating the Credit Suisse business. Ermotti's previous tenure spanned from 2011 to 2020.
Hammers earned 12.6 million Swiss francs in 2022 during his last full year as CEO, according to UBS's annual report published on Thursday.
Total base numbers and variable compensation.
In total, the bank's executive board received a pay package worth CHF140.3 million in 2023, a significant increase from CHF106.9 million the previous year.
UBS revealed that bonuses paid to staff at the new combined bank amounted to $4.5 billion, most of which was paid in cash.
This represents a 14% decline compared to the 2022 total of $5.3 billion for the combined entities, as UBS looks to cut costs as part of its integration with Credit Suisse.
Last month, the bank reported a second straight quarterly loss on the back of integration costs, but continued to post strong operating profits.
UBS shares have risen more than 52% since Ermotti took the reins on April 5, 2023.
