UBS chief’s surprise return to Swiss banking giant nets him $15.9 million payday

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New UBS CEO Sergio Ermotti (R) speaks with UBS President Colm Kelleher during a press conference in Zurich on March 29, 2023.

High Wiegmann | Afp | Getty Images

UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after making a surprise return at the helm of the Swiss banking giant, following its takeover of rival Credit Suisse.

The bank announced at the end of March that Ermotti would return for a second spell as CEO, replacing Ralph Hamers from April 5 last year, as UBS took on the massive task of bringing the Credit Suisse business to -in. Ermotti’s previous tenure ran from 2011 to 2020.

Hamers earned 12.6 million Swiss francs in 2022 in his last full year as CEO, according to UBS’s annual report published on Thursday.

The total base and compensation figures are variable.

In total, the bank’s executive board raised a payment package of 140.3 million Swiss francs in 2023, a significant increase from 106.9 million francs the previous year.

Bonuses paid to employees at the new bank totaled $4.5 billion, UBS revealed, most of which was paid in cash.

This marked a 14% reduction from the total pool of $5.3 billion in 2022 for the combined entities, as UBS looks to cut costs as part of its merger with Credit Suisse.

The bank last month reported a second consecutive quarterly loss due to integration costs, but continued to deliver strong operating profits.

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

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