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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.
UBS CEO Sergio Ermotti received a salary of CHF 14.9 million for 2024, slightly up from CHF 14.4 million in 2023, despite only working nine months due to an emergency merger with Credit Suisse. His variable bonus dropped to CHF 12.1 million, attributed to underachievement in non-financial targets, raising concerns about the bank's remuneration system and its ambitiousness. Swiss politicians are advocating for a cap on salaries for top managers at systemically important banks, suggesting a maximum of CHF 5 million.
UBS CEO Sergio Ermotti received a total compensation of 14.9 million Swiss francs (15.4 million euros) for fiscal 2024, reflecting a 3.7% increase from the previous year. His package includes a fixed remuneration of CHF 2.8 million and variable components totaling CHF 12.1 million. Ermotti, who returned to lead UBS in 2023 during the acquisition of Credit Suisse, previously served as CEO from 2011 to 2020.
UBS chief executive Sergio Ermotti was paid SFr14.9mn ($16.8mn) last year, maintaining his position as Europe’s highest-paid bank boss amid increasing scrutiny of executive compensation in Switzerland. His pay surpassed that of leaders at HSBC, Deutsche Bank, and Banco Santander.This disclosure comes as Switzerland's upper house has backed a motion to cap banking sector executive pay at SFr5mn, reflecting the political sensitivity surrounding remuneration following UBS's acquisition of Credit Suisse.
UBS CEO Sergio Ermotti's salary of CHF 14.9 million has sparked outrage, with proposals in Parliament suggesting a cap of five million francs for bank executives. Critics argue that such populist measures distract from necessary regulatory reforms, emphasizing that shareholders, not politicians, should determine executive pay. The Federal Council plans to link bonuses to long-term success to mitigate risks posed by major banks like UBS.
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