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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 will receive CHF 14.9 million in 2024, slightly up from CHF 14.4 million in 2023, despite only serving nine months last year. His compensation includes a fixed salary of CHF 2.8 million and a variable component of CHF 12.1 million. The total payout for the Executive Board will be CHF 143.6 million, reflecting a focus on aligning remuneration with performance and risk management.
UBS CEO Sergio Ermotti will earn CHF 14.9 million in 2024, slightly up from CHF 14.4 million in 2023, despite only serving nine months last year. His compensation includes CHF 2.8 million fixed salary and CHF 12.1 million variable pay. The total Executive Board remuneration will be CHF 143.6 million, with a bonus pool for the banking group increasing to $4.7 billion.
UBS CEO Sergio Ermotti earned CHF 14.9 million for the 2024 financial year, comprising a fixed salary of CHF 2.8 million and a variable component of CHF 12.1 million. This amount is slightly higher than his previous year's remuneration of CHF 14.4 million, despite only serving nine months in 2023. The total payout for the entire Executive Board will be CHF 143.6 million, up from CHF 140.3 million the prior year.
UBS CEO Sergio Ermotti's salary for 2024 has risen to CHF 14.9 million, sparking renewed criticism over executive pay in Switzerland. The Council of States is considering a salary cap for bankers, which has raised concerns about government intervention in the financial sector. UBS reported a net profit of $5.1 billion and has made significant cost reductions, yet debates over high salaries continue to dominate public discourse.
UBS CEO Ermotti earned nearly 15 million francs in 2024, with a fixed salary of 2.8 million and a variable component of 12.1 million. The total compensation for the Executive Board reached 143.6 million francs, reflecting a slight increase from the previous year. Chairman Kelleher's pay rose to 5.5 million francs, while the Board of Directors will earn 14 million francs for 2024/2025.
UBS reported a net profit of $5.08 billion for 2024, with diluted earnings per share of $1.52 and a CET1 capital ratio of 14.3%, highlighting the successful integration of Credit Suisse. Chairman Colm Kelleher emphasized the bank's strengthened position as a global wealth manager and its commitment to sustainable finance, aiming for net-zero greenhouse gas emissions by 2035.
Baillie Gifford, known for its early investments in Tesla and SpaceX, has now invested in UBS, Switzerland's largest bank, citing its leadership in wealth management and upcoming generational changes as key factors. Despite ongoing discussions about new capital rules for major banks, the firm views UBS as a solid long-term investment. Baillie Gifford maintains a long-term investment philosophy, emphasizing patience and stability in their portfolio management.
UBS CEO Sergio Ermotti is expected to earn slightly over 15 million francs for the past year, amid ongoing public outcry over high executive salaries. Despite a potential bonus structure allowing for up to 20 million, UBS aims to maintain a cautious approach due to political scrutiny and regulatory changes. The bank's remuneration practices, particularly in light of its state support during the Credit Suisse acquisition, have sparked calls for salary caps from politicians.
Colm Kelleher
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