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Santander plans to expand its U.S. operations through a partnership with Verizon, allowing select Verizon customers to earn bill credits by opening high-yield savings accounts on Santander's new digital banking platform. The bank is also exploring additional partnerships to establish itself as a full-service digital bank in the U.S.
Banco Santander is expanding its U.S. operations through a partnership with Verizon, allowing select customers to earn bill credits by opening high-yield savings accounts on Santander's new digital platform. The bank is also exploring additional partnerships to enhance its full-service digital banking offerings in the U.S.
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 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 chief executive Sergio Ermotti received SFr14.9mn ($16.8mn) in compensation for 2024, making him Europe's highest-paid banking executive. His pay slightly increased from SFr14.4mn the previous year, which was for nine months of work. Ermotti's earnings surpass those of HSBC's Georges Elhedery (£5.4mn), Deutsche Bank's Christian Sewing (€9.75mn), and Santander's Ana Botín (€13.8mn), though they remain lower than Wall Street counterparts.
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.
Christiana Riley has been appointed as the new CEO of Santander USA, succeeding Tim Wennes, as announced by CEO Ana Botín on Instagram. Botín expressed confidence in Riley's ability to lead the next phase of growth in this vital market and thanked Wennes for his transformative leadership. Additionally, Andrés Trautmann will take over as CEO of Santander Chile, replacing Román Blanco.
Ana Botín, president of Banco Santander, emphasized at the Davos Economic Forum that the UK remains a crucial market for the bank, dismissing rumors of a potential exit. Despite reports suggesting the bank is considering strategic options, including selling its UK subsidiary, Botín affirmed their commitment to the UK, stating they "love" the market.
Goldman Sachs has restructured its investment banking and trading leadership, promoting several executives to key positions as part of a strategy to retain talent amid recent departures. Meanwhile, Santander's Ana Botín reaffirmed the UK as a core market, dismissing speculation of an exit despite ongoing reviews of operations due to high costs and regulations. Additionally, Banco Sabadell is considering relocating its headquarters back to Catalonia, while TD Bank plans to sell $9bn in US residential mortgage loans to comply with regulatory requirements.
Ana Patricia Botin
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