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Sergio Ermotti, CEO of UBS, topped the list of highest-paid CEOs among Europe's largest banks in 2024, earning 14.9 million Swiss francs. UniCredit's Andrea Orcel followed with a significant raise to 13.2 million euros, while Deutsche Bank's Christian Sewing earned 9.8 million euros. Many banks benefited from rising interest rates, leading to increased profits and higher compensation for executives.
Many former Credit Suisse employees are leaving UBS due to a lack of belonging and recent layoffs, seeking unconventional new roles. Dirk Hentschel has joined Commerzbank as a managing director in London, where he will encounter familiar faces amid a hostile takeover attempt by UniCredit, led by ex-UBS executive Andrea Orcel.
UniCredit has received approval from the European Central Bank for its €10.1 billion takeover bid for Banco BPM, Italy's third-largest bank. Banco BPM views the offer as hostile and has appealed to the Italian competition authority. Meanwhile, Banco BPM's shareholders have approved a revised bid for asset management group Anima, despite facing regulatory challenges from the ECB regarding the acquisition.
UniCredit's CEO, Andrea Orcel, confirmed the bank's compliance with the European Central Bank's request to reduce its Russian assets, stating they are ahead of some supervisory demands. This assurance was given during a shareholder meeting, emphasizing the bank's commitment to regulatory expectations.
Banco BPM's CEO Giuseppe Castagna dismissed UniCredit's concerns regarding the bank's lending capacity following a regulatory setback related to the Anima acquisition. Despite a negative opinion from the ECB affecting capital ratios, Castagna assured that current and projected capital levels remain adequate for continued lending. UniCredit, preparing a bid for BPM, emphasized that the ECB's stance supports the premium in its offer.
UniCredit shareholders approved the bank's pay policy for 2024-2025, despite governance advisers recommending rejection due to CEO Andrea Orcel's significant pay increase. Orcel's compensation rose by 30% to 13.2 million euros last year, with potential earnings of 16.4 million euros in 2025 if targets are met. Approval rates for the pay packages dropped sharply, from 88% to 66.5% for 2025 and from 88% to 65.6% for 2024.
UniCredit shareholders approved the bank's pay policy for 2024-2025, despite governance advisers recommending rejection due to CEO Andrea Orcel's significant pay increase. Orcel's compensation rose by 30% to €13.2 million last year, with potential earnings of €16.4 million in 2025 if targets are met. Approval for the 2025 policy dropped to 66.5% from 88% the previous year, reflecting growing shareholder concerns.
Shareholders of UniCredit have approved the bank's remuneration policy for 2025, along with last year's pay policy, despite recommendations from governance advisers ISS and Glass Lewis to reject the proposals due to concerns over CEO Andrea Orcel's pay increase. The current policy received 66.5% support, while last year's compensation was approved with 65.6% of votes at the annual meeting.
UniCredit's CEO Andrea Orcel stated that the bank will only pursue a buyout of Banco BPM if the terms are favorable, emphasizing the importance of a sensible deal. He confirmed guidance for a 2025 net profit matching last year's record and highlighted the bank's strong performance since 2021, having returned €26 billion to investors. Recent developments have negatively impacted Banco BPM's share price, as the European Central Bank expressed concerns over its acquisition of Anima Holding, affecting investor expectations for a higher premium.
UniCredit's CEO Andrea Orcel stated that the bank would realize a capital gain if it sells its stake in Commerzbank. During the annual general meeting, he noted that while hedging the investment limited potential profits, it ultimately protects shareholders and enhances capital position.
Andrea Orcel
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highest paid european bank ceo in 2024 is ubs sergio ermotti
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