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UBS CEO Sergio Ermotti's total compensation rose to CHF 14.9 million last year, comprising a fixed salary of CHF 2.8 million and variable components of CHF 12.1 million. Despite this increase, he remains below Novartis CEO Vas Narasimhan, who earned CHF 19.2 million. UBS Chairman Colm Kelleher defended Ermotti's pay, citing the challenges he faced, while acknowledging public discontent over high executive salaries, especially following a recent motion to cap compensation in the banking sector at CHF 5 million.
UBS CEO Sergio Ermotti's salary rose to CHF 14.9 million last year, a 3.7% increase from CHF 14.4 million for nine months in the previous year. While he remains one of the highest-paid executives, he is outpaced by Novartis CEO Vas Narasimhan at CHF 19.2 million. UBS Chairman Colm Kelleher defended Ermotti's compensation, citing the challenges he faced in his role.
UBS CEO Sergio Ermotti's total compensation for the past year reached 14.9 million francs, comprising a fixed salary of 2.8 million francs and variable components of 12.1 million francs. While his pay has sparked debate, it remains lower than Novartis CEO Vas Narasimhan's 19.2 million francs. UBS Chairman Colm Kelleher defended Ermotti's salary, citing the challenging circumstances he faced, but acknowledged underestimating public reaction to such high compensation levels.
UBS CEO Sergio Ermotti will earn CHF 14.9 million in 2024, with a fixed salary of CHF 2.8 million and a variable component of CHF 12.1 million. The bank's provisions for legal cases stand at $3.6 billion, including ongoing litigation in France related to unlawful client solicitation.
UBS CEO Sergio Ermotti received a staggering salary of 14.9 million francs for 2024, as revealed in the bank's annual report. This follows last year's remuneration of 14.4 million francs for just nine months of work, sparking renewed criticism over excessive executive pay in Switzerland. The Swiss parliament is considering a salary cap for bankers, reflecting growing discontent with high salaries in the financial sector.
UBS CEO Sergio Ermotti earned CHF 14.9 million for 2024, a slight increase from CHF 14.4 million in 2023, despite only serving nine months that year. His compensation includes CHF 2.8 million in fixed salary and CHF 12.1 million in variable pay. Meanwhile, a motion in the Council of States seeks to cap bank executives' salaries at CHF 3 to 5 million annually, potentially impacting Ermotti's future earnings.
The Swiss bond market saw yields of 0.35% for two-year bonds and 0.767% for ten-year bonds, with the spot interest rate easing to 0.704%. The euro gained against the US dollar, now above 1.09, amid expectations of a supportive fiscal package in Germany and a busy week for central bank announcements, including the Fed and SNB. US stock markets are anticipated to open lower, influenced by Treasury Secretary Scott Bessent's comments on market corrections, while Nvidia shares rose ahead of a key AI conference.
Serena Fioravanti has been appointed to the Board of Directors of Migros Bank, filling the vacancy left by Ursula La Roche. Currently the Group Chief Risk Officer at ABN Amro, Fioravanti brings extensive experience from her previous roles at Credit Suisse, Novartis, and UBS, along with a background in theoretical physics from the University of Rome. Chairman Bernhard Kobler highlighted her expertise in risk management, treasury, and liquidity management.
The Swiss stock market closed slightly higher, with the SMI rising 0.15% to 12,893.98 points, buoyed by gains in cyclical and financial stocks. Notable performers included OC Oerlikon (+8.7%) and Basilea (+8.3%), while Lonza (-2.7%) and Siegfried (-6.3%) faced declines due to conservative outlooks. Encouraging economic signals from Germany and the USA contributed to a positive market sentiment.
Migros Bank has appointed Serena Fioravanti to its Board of Directors, effective March 1, 2025, filling the vacancy left by Ursula La Roche's departure in mid-2024. Fioravanti, a risk specialist, previously served as Chief Risk Officer at Credit Suisse Switzerland and is currently the Group Chief Risk Officer at ABN Amro.
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ubs ceo salary increase sparks debate amid calls for compensation cap
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07:34 17.03.2025
ubs ceo salary rises slightly amid ongoing public scrutiny
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07:10 17.03.2025
ubs ceo salary sparks debate amid calls for compensation cap
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07:10 17.03.2025
ubs ceo ermotti's 2024 salary remains high amid legal challenges and integration efforts
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07:07 17.03.2025
ubs ceo sergio ermotti receives 14.9 million francs salary for 2024
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07:00 17.03.2025
ubs ceo sergio ermotti earns 14.9 million amid salary cap debate
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06:52 17.03.2025
global markets brace for central bank decisions amid mixed stock performances
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05:11 17.03.2025
serena fioravanti joins migros bank board of directors as risk expert
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Migros Bank (CH) Fds 65 V
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ITA
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08:28 18.02.2025
Swiss stock market edges up as Oerlikon and Basilea report strong results
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08:06 18.02.2025
serena fioravanti joins migros bank board of directors effective march 2025
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Credit Suisse High Yield Bond Fund, Inc.
Migros Bank (CH) Fds 0 I
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07:24 18.02.2025
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