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Salaries for CEOs of major Swiss companies are on the rise, with UBS CEO Sergio Ermotti earning 14.9 million francs and Novartis CEO Vasant Narasimhan at 19.1 million francs. This trend has sparked political debate, including a proposed salary cap for bankers, which faces opposition from the Bankers Association. Shareholders, particularly large asset managers, prioritize company performance over concerns about executive pay.
UBS CEO Sergio Ermotti's total compensation rose to CHF 14.9 million last year, comprising a fixed salary of CHF 2.8 million and variable components of CHF 12.1 million. Despite this increase, he remains below Novartis CEO Vas Narasimhan, who earned CHF 19.2 million. UBS Chairman Colm Kelleher defended Ermotti's pay, citing the challenges he faced, while acknowledging public discontent over high executive salaries, especially following a recent motion to cap compensation in the banking sector at CHF 5 million.
UBS CEO Sergio Ermotti's salary rose to CHF 14.9 million last year, a 3.7% increase from CHF 14.4 million for nine months in the previous year. While he remains one of the highest-paid executives, he is outpaced by Novartis CEO Vas Narasimhan at CHF 19.2 million. UBS Chairman Colm Kelleher defended Ermotti's compensation, citing the challenges he faced in his role.
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 received a staggering salary of 14.9 million francs for 2024, as revealed in the bank's annual report. This follows last year's remuneration of 14.4 million francs for just nine months of work, sparking renewed criticism over excessive executive pay in Switzerland. The Swiss parliament is considering a salary cap for bankers, reflecting growing discontent with high salaries in the financial sector.
UBS CEO Sergio Ermotti earned CHF 14.9 million in 2024, slightly up from CHF 14.4 million in 2023, despite only working nine months after returning from Swiss Re. The bank reported a net profit of $5.1 billion and cost savings of $7.5 billion, while discussions on capping bank salaries continue.
UBS CEO Sergio Ermotti earned CHF 14.9 million for 2024, a slight increase from CHF 14.4 million in 2023, despite only serving nine months that year. His compensation includes CHF 2.8 million in fixed salary and CHF 12.1 million in variable pay. Meanwhile, a motion in the Council of States seeks to cap bank executives' salaries at CHF 3 to 5 million annually, potentially impacting Ermotti's future earnings.
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 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.
UBS is facing mounting criticism over its executive pay structure, particularly as CEO Sergio Ermotti's potential salary could reach CHF 20 million, making him Switzerland's highest-paid manager. This situation raises concerns about public confidence and political intervention, especially following the recent turmoil in the banking sector. Despite the backlash, UBS maintains that its capital strength is central to its strategy, even as the debate over necessary equity levels continues.
Vas Narasimhan
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