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 surprise return at the helm of the Swiss banking big, 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 yr, as UBS undertook the mammoth process 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 yr as CEO, in accordance with UBS’ annual report printed on Thursday.

The figures complete base and variable compensation.

In complete, the financial institution’s government board picked up a 140.3 million Swiss franc pay bundle in 2023, a major improve from the earlier yr’s 106.9 million francs.

Bonuses paid to workers 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 combination 2022 pool of $5.3 billion for the mixed entities, as UBS seems to be 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 deliver strong underlying operating profits.

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