{
}
UBS has faced criticism over CEO Sergio Ermotti's 2024 salary of CHF 14.9 million, despite a slight decrease in his bonus. Political figures and the proxy advisor Ethos have expressed concerns about high executive pay, with proposals to cap banking sector salaries gaining traction. Meanwhile, UBS is also navigating increased capital requirements to mitigate risks following the Credit Suisse integration.
UBS Group AG awarded CEO Sergio Ermotti nearly 15 million Swiss francs ($17 million) for 2024, maintaining compensation below the maximum amid scrutiny over bankers' pay. His package includes 2.8 million francs fixed and 12.1 million francs variable compensation, while Chairman Colm Kelleher's pay rose 17% to 5.5 million francs. The total bonus pool for 2024 is $4.7 billion, as UBS faces political pressure regarding future capital requirements, with proposed legislation aiming to limit bankers' compensation.
UBS CEO Sergio Ermotti earned nearly 15 million Swiss francs for 2024, comprising CHF2.8 million in fixed pay and CHF12.1 million in variable pay, amid scrutiny over bankers' compensation in Switzerland. This package is slightly higher than the 14.4 million francs he received for nine months in 2023. The bank's board of directors will earn 14 million francs for the 2024-2025 period, reflecting a broader focus on aligning compensation with performance and risk appetite.
UBS Group AG awarded CEO Sergio Ermotti nearly 15 million Swiss francs ($17 million) for 2024, amid scrutiny over bankers' pay in Switzerland. His compensation includes 2.8 million francs fixed and 12.1 million francs variable, while Chairman Colm Kelleher's pay rose 17% to 5.5 million francs. The bank's total bonus pool for 2024 reached $4.7 billion, as it faces potential capital requirement increases and ongoing political discussions regarding executive compensation limits.
UBS Group AG has set CEO Sergio Ermotti's 2024 pay at just under 15 million Swiss francs ($17 million), amid scrutiny over bankers' compensation in Switzerland. His package includes 2.8 million francs in fixed pay and 12.1 million francs in variable pay, reflecting a reduction from his 2023 earnings. This comes as the bank faces potential legislative changes that could significantly impact its capital requirements, with lawmakers proposing to cap total annual compensation for bankers between 3 and 5 million francs.
UBS is pressuring Swiss regulators against stricter capital requirements, fearing that excessive regulations could lead to its relocation, which would harm Switzerland's economy. The Bank of England warns that pursuing growth alongside stability may compromise financial security, as international competition intensifies among financial centers.
Bob Diamond revealed a previously scrapped $5 billion offer to acquire Credit Suisse's scandal-ridden investment division, which was rejected by management in 2022. Despite further attempts to engage with CS in early 2023, the bank ultimately merged with UBS, marking a significant shift in the Swiss banking landscape. Diamond argued that separating the investment bank could have preserved a healthier core for CS, which had stable private client and banking businesses.
Credit Suisse rejected multiple takeover offers in the year leading up to its collapse, citing progress on other projects. In early 2023, further attempts to engage with CS were made by three groups interested in different banking segments. Ultimately, on March 19, 2023, Finance Minister Karin Keller-Sutter announced UBS's takeover of Credit Suisse.
Credit Suisse's management rejected takeover bids for its investment banking division about a year before the bank's collapse, according to American banker Bob Diamond. The proposals, which included a $5 billion offer, aimed to separate the troubled investment segment from the rest of the bank, but were declined due to ongoing projects. Subsequent attempts to engage with Credit Suisse in early 2023 also failed, leading to its eventual takeover by UBS in March 2023.
A year before UBS's takeover of Credit Suisse, American banker Bob Diamond proposed a $5 billion bid to acquire CS's investment bank, aiming to separate it from the main bank. Despite meetings with CS Chairman Axel Lehmann, the offer was rejected as CS was pursuing other plans. Diamond believes this separation could have preserved a viable core for CS, which ultimately faced a different fate with UBS's acquisition on March 19, 2023.
Karin Keller-Sutter
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
ubs faces backlash over ceo salary amid ongoing public scrutiny
Euro
Swiss Franc
United States Dollar
Novartis AG
Axon Partners Group, S.A.
Credit Suisse Strategic Income I
CHE
David Layton
Colm Kelleher
Sergio Ermotti
Karin Keller-Sutter
Jürg Grossen
Vasant Narasimhan
Roman Studer
Show more
16:55 17.03.2025
ubs awards ceo ermotti 17 million amid political scrutiny on pay
Swiss Franc
UBS Group AG
Credit Suisse Strategic Income I
CHE
Sergio Ermotti
Colm Kelleher
Karin Keller-Sutter
Show more
15:23 17.03.2025
ubs ceo sergio ermotti awarded nearly 15 million swiss francs for 2024
Euro
Swiss Franc
United States Dollar
UBS Group AG
Credit Suisse Strategic Income I
CHE
Sergio Ermotti
Colm Kelleher
Karin Keller-Sutter
Show more
12:01 17.03.2025
ubs awards ceo ermotti 17 million amid scrutiny over bankers pay
Swiss Franc
UBS Group AG
Credit Suisse Strategic Income I
CHE
Sergio Ermotti
Colm Kelleher
Karin Keller-Sutter
Show more
10:18 17.03.2025
ubs reduces ceo ermotti's pay to 17 million amid scrutiny
09:38 17.03.2025
banks face dilemma of regulation and growth in competitive financial landscape
Credit Suisse Strategic Income I
GBR
Daniel Zulauf
Patrick Raaflaub
Sergio Ermotti
Christian Lüscher
Karin Keller-Sutter
Lars Förberg
Show more
05:00 17.03.2025
bob diamond reveals scrapped rescue plan for credit suisse investment division
15:15 16.03.2025
credit suisse rejects takeover offers before acquisition by ubs
13:34 16.03.2025
credit suisse management rejected takeover bids before bank's collapse
Swiss Franc
USA
CHE
Karin Keller-Sutter
Diccon Bewes
Axel Lehmann
Bob Diamond
Helene Budliger Artieda
Ben Hodges
Show more
13:29 16.03.2025
failed takeover bid for credit suisse investment bank revealed before collapse
13:06 16.03.2025
Trending
Subcategory
Corporate News
Stock Market Updates
Industry Trends
Banking Regulations
Finance Mergers & Acquisitions
Global Financial Events
Retail and Consumer Goods
CEO Changes
Central Bank Actions
Global Trade Developments
Industry Mergers & Acquisitions
GDP Growth & Recession Forecasts
Market Analysis and Predictions
Financial Scams and Security
Inflation and Monetary Impact
Government Policies
Government Economic Policies
Workplace Trends
Startups & Entrepreneurship
Supply Chain Management
Countries:
Companies:
The Goldman Sachs Group, Inc.
JPMorgan Chase & Co.
Tesla, Inc.
Apple Inc.
Barclays PLC
Bank of America Corporation
Wells Fargo & Company
Citigroup Inc.
Deutsche Bank Money Market PP
Morgan Stanley
Huawei Technologies CO. Ltd.
Lloyds Banking Group plc
Microsoft Corporation
UBS Group AG
Credit Suisse Lux Digital Healt
Banco Santander, S.A.
Credit Suisse Strategic Income I
NVIDIA Corporation
Amazon.com, Inc.
AXA SA
Currencies:
United States Dollar
Euro
Chinese Yuan
British Pound Sterling
Swiss Franc
Japanese Yen
Indian Rupee
Russian Ruble
Australian Dollar
Canadian Dollar
United Arab Emirates Dirham
Indonesian Rupiah
Saudi Riyal
South Korean Won
Danish Krone
Offshore Chinese Yuan
Turkish Lira
Hong Kong Dollar
Mexican Peso
Malaysian Ringgit
People: