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Sergio Ermotti, CEO of UBS, has been confirmed as Europe's highest-paid banker for 2024, receiving a total compensation of 14.9 million Swiss francs (15.4 million euros). This includes 2.8 million Swiss francs in fixed pay and 12.1 million in variable components, surpassing the earnings of other banking executives like Ana Botín and Andrea Orcel. His remuneration reflects an increase from the previous year, when he earned 14.4 million Swiss francs.
Sergio Ermotti, CEO of UBS, has been confirmed as Europe's highest-paid banker for 2024, receiving a total compensation of 14.9 million Swiss francs (15.4 million euros). This includes 2.8 million Swiss francs in fixed pay and 12.1 million in variable components, surpassing his 2023 earnings of 14.4 million Swiss francs. His remuneration exceeds that of Santander's Ana Botín and UniCredit's Andrea Orcel, who earned 13.77 million and 13.2 million respectively.
UBS' auditors issued an "adverse opinion" on the bank's internal controls over financial reporting for 2024, citing unresolved misstatements from its acquisition of Credit Suisse. This rare rebuke indicates potential misrepresentation in UBS's financial statements, highlighting challenges in integrating the two banks. UBS acknowledged material weaknesses in its internal controls and is executing a remediation program, though it did not specify a timeline for resolution.
Sergio Ermotti, CEO of UBS, earned nearly CHF 15 million in 2024, with a stable monthly salary of CHF 208,333 and a reduced annual variable component of CHF 12.10 million. The total remuneration for UBS's management team rose to CHF 143.6 million, while the supervisory board's compensation decreased to CHF 14 million. The integration of Credit Suisse is ongoing, with significant savings expected by 2027.
Oswald Grübel, a prominent figure in Swiss banking, criticizes the idea of capping banker salaries, arguing it undermines market dynamics and could lead to less competent leadership. He praises the swift merger of Credit Suisse with UBS as a necessary move for the financial center, while expressing concern over the public's lack of awareness regarding the importance of Switzerland's financial sector. Grübel also comments on geopolitical issues, including Donald Trump's tariff policies, and warns against closer ties with the EU, emphasizing the need to maintain Switzerland's neutrality.
UBS reported a significant increase in bonuses for senior staff, with the bonus pool rising by 11% and individual key risk taker (KRT) bonuses up 27% to an average of $1.38m. Despite this, the overall performance of its investment bank lagged behind competitors, particularly in M&A revenues. Additionally, UBS is cutting around 20,000 jobs, resulting in increased severance payments, with the average payout rising to $129k.
UBS is facing scrutiny after auditors issued an "adverse opinion" on its internal financial reporting controls for 2024, primarily due to unresolved issues from its acquisition of Credit Suisse. The bank is struggling to integrate the two entities, complicating its internal control measures and raising concerns about financial accuracy. Ernst & Young highlighted that UBS has not maintained effective internal reporting controls, attributing this to the complexities of the integration and a limited timeframe for corrective actions.
Sergio Ermotti, CEO of UBS, earned CHF 14.9 million in 2024, slightly down from CHF 14.4 million in 2023, reflecting a daily income of around CHF 57,000. His compensation includes a fixed salary of CHF 2.8 million and variable pay of CHF 12.1 million. The Executive Committee's total remuneration nears CHF 143.6 million, amid ongoing debates in Parliament regarding a proposed salary cap for bankers.
UBS chief Sergio Ermotti was paid €15.4 million last year, maintaining his position as Europe's highest-paid bank executive amid increasing scrutiny of financial sector remuneration in Switzerland. His compensation exceeds that of peers at HSBC, Deutsche Bank, and Banco Santander, but remains lower than US counterparts like Jamie Dimon and Ted Pick. As UBS faces potential capital requirement increases following the Credit Suisse takeover, Ermotti and chair Colm Kelleher criticized the public debate on executive pay, warning that excessive regulations could harm Switzerland's economic competitiveness.
UBS's auditors issued an "adverse opinion" on the bank's internal controls over financial reporting for 2024, citing unresolved misstatements from its acquisition of Credit Suisse. This rare rebuke indicates potential misrepresentation in UBS's financial statements, highlighting challenges in integrating the two banks. UBS acknowledged material weaknesses in its internal controls and is working on remediation efforts, but did not specify a timeline for resolution.
Credit Suisse Strategic Income I
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
ubs ceo sergio ermotti named highest paid banker in europe for 2024
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ubs ceo sergio ermotti named highest paid banker in europe for 2024
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ubs ceo sergio ermotti earns nearly 15 million swiss francs in 2024
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ubs ceo sergio ermotti earns 14.9 million francs in 2024
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ubs ceo sergio ermotti earns 15.4 million euros amid pay scrutiny
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