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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 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.
UniCredit has received ECB approval to increase its stake in Commerzbank to 29.9%, just below the threshold for a mandatory takeover bid. The Italian bank, currently holding a 9.5% direct stake and 18.5% through derivatives, aims for a constructive dialogue with the new German government while emphasizing the need for further regulatory approvals. CEO Andrea Orcel's strategic move follows a €376m acquisition of Aion Bank and Vodeno to enhance UniCredit's digital banking capabilities.
Sergio Ermotti of UBS has topped the list of Europe's highest-paid bankers with a total remuneration of 14.9 million Swiss francs for 2024, slightly up from the previous year. This comes amid growing scrutiny in Switzerland, where a motion to cap bankers' pay between 3 and 5 million Swiss francs has passed the Upper House. Meanwhile, Andrea Orcel's pay at Unicredit has faced backlash, with a proposed increase to 13.2 million raising concerns among investors.
Banco Santander SA Chairman Ana Botin's compensation for 2024 has risen by 13% to €13.8 million, following the bank's record net income. This increase marks a rise from €12.2 million the previous year, positioning her pay slightly above that of UniCredit CEO Andrea Orcel, who earned €13.2 million. Santander anticipates continued profitability improvements.
Deutsche Bank has acquired a 5.2 percent stake in Banco BPM for over EUR 700 million, potentially signaling a competitive move against UniCredit's takeover bid for Anima Holding SGR. This stake, held on behalf of third-party clients, may align with Crédit Agricole's interests, which seeks to increase its shareholding. A high shareholder turnout is anticipated, with key support from BlackRock and JPMorgan, as decisions on lowering the minimum capital threshold for the takeover bid are set to be made.
Sascha Uebel, Chairman of Commerzbank's Works Council, has launched a campaign against Unicredit's takeover efforts, vowing to complicate the process for CEO Andrea Orcel. While acknowledging the potential inevitability of the takeover, Uebel aims to secure better outcomes for employees and locations during negotiations. Unicredit has submitted its plan to acquire up to 29.99% of Commerzbank to the German Federal Cartel Office for review, with approval from the European Central Bank expected soon.
The European Central Bank is expected to approve UniCredit's acquisition of a 29.9% stake in Commerzbank, potentially leading to Europe's largest cross-border banking deal since the financial crisis. The ECB's analysis has reportedly been positive, but UniCredit's CEO Andrea Orcel seeks German government support for a full takeover, which Commerzbank's management has labeled "hostile."
The European Central Bank is expected to approve Unicredit's acquisition of a 29.99% stake in Commerzbank by early March, paving the way for a significant cross-border banking merger. However, the real challenge lies in navigating the hostile political landscape in Germany, where key figures have expressed strong opposition to the takeover. Unicredit's CEO Andrea Orcel is awaiting the formation of the new German government to seek support for the operation.
Andrea Orcel
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