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UBS has set aside $3.6 billion for litigation in 2024, down from $4.02 billion the previous year, with $2.13 billion spent in the last year. Key legal issues include tax litigation in France and complaints from former Credit Suisse shareholders regarding UBS's acquisition and bond redemption.
UBS is preparing for the most intricate phase of integrating Credit Suisse, signaling a significant challenge ahead. The complexities involved in this merger are expected to test UBS's operational capabilities and strategic planning as they navigate the transition.
Sergio Ermotti, CEO of UBS, remains Europe's highest-paid banker with a 2024 salary of 14.9 million francs, slightly up from 14.4 million in 2023. His compensation includes 2.8 million in fixed salary and 12.1 million in variable pay, reflecting performance and risk alignment. The overall management salary bill increased to 143.6 million francs, while the board's total compensation decreased to 14.0 million francs for the 2024/25 period.
UBS CEO Sergio Ermotti's pay package for 2024 is set at 14.9 million Swiss francs, with a stable base salary and a slight reduction in variable compensation. This decision comes amid ongoing political discussions about banking regulations following UBS's acquisition of Credit Suisse, which raised concerns about systemic risks. The total compensation for UBS's executive board is 143.6 million Swiss francs, with a group-wide bonus pool of US$4.7 billion.
UBS CEO Sergio Ermotti will receive a total remuneration of CHF 14.9 million in 2024, reflecting a stable salary despite a slight reduction in his bonus. His leadership during the integration of Credit Suisse has been acknowledged, although high bonuses continue to provoke public backlash in Switzerland, prompting discussions in parliament about capping bank salaries. In comparison, Ermotti's earnings are surpassed by leaders in other sectors, such as Partners Group and Novartis.
UBS Group AG has set CEO Sergio Ermotti's 2024 pay at just under 15 million Swiss francs ($17 million), amid scrutiny over bankers' compensation in Switzerland. His package includes 2.8 million francs in fixed pay and 12.1 million francs in variable pay, reflecting a reduction from his 2023 earnings. This comes as the bank faces potential legislative changes that could significantly impact its capital requirements, with lawmakers proposing to cap total annual compensation for bankers between 3 and 5 million francs.
UBS CEO Sergio Ermotti will receive a total remuneration of CHF 14.9 million for 2024, reflecting a slight decrease in his bonus but an increase in his basic salary. His leadership during the integration of Credit Suisse, following its financial crisis, has been recognized by the Board of Directors. UBS's market capitalization stands at €95.47 billion, significantly higher than Deutsche Bank's €43 billion.
Switzerland is reigniting its debate over exorbitant bank salaries, particularly focusing on UBS CEO Sergio Ermotti, whose earnings exceed five million francs. A motion from the Council of States seeks to cap bank salaries at this amount, reflecting widespread political unease about the compensation of top earners in systemically important banks. This sentiment echoes past controversies surrounding high-profile bank executives and highlights ongoing skepticism about the banking sector's culture.
UBS's provisions for legal disputes decreased to $3.6 billion at the end of 2024, down from $4.02 billion the previous year. The bank spent $2.13 billion on legal settlements and set aside $321 million, while releasing $97 million in provisions. Ongoing legal issues include a French tax case and claims from former Credit Suisse shareholders related to UBS's takeover.
Sergio Ermotti, who previously served as CEO of UBS from 2011 to 2020, returned to lead the bank in 2023 amid the acquisition of Credit Suisse to prevent its bankruptcy. In 2024, he received a total compensation of 15.4 million euros following UBS's emergency takeover of the troubled bank for CHF 3 billion.
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